- Gold bear trend has been losing momentum in the last two weeks as the market found a bottom at $1,172.82 a troy ounce.
- After breaking above the bull flag Gold found resistance at 1,204.10, August 3 swing low (key level). The market is currently finding support at a small bull trendline (green) while the MACD and Stochastics indicator are constructive to the upside.
- A bear breakout below 1,182.90 August 24 low would invalidate the bullish bias.
Spot rate: 1,199.40
Relative change: 0.23%
High: 1,207.00
Low: 1,195.30
Trend: Bearish
Short-term trend: Bullish above 1,182.90
Resistance 1: 1,204.10, August 3 swing low (key level)
Resistance 2: 1,211.17 July 19 low
Resistance 3: 1,213.70 July 31 low
Resistance 4: 1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 5: 1,225.90 July 17 low
Support 1: 1,194.30 March 10, 2017 low
Support 2: 1,182.90 August 24 low
Support 3: 1,172.82 current 2018 low
Support 4: 1,145.20 March, 1 2017 low
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