Gold Technical Analysis: Yellow Metal above 1204.10 key level – More upside

• Gold bulls broke above the June 14 bear trendline shifting the short-momentum to bullish.
• On the 15-minute chart, gold bulls are evolving in a bull channel with a rising 200-period simple moving average. Bulls are trading above 1,205.50, August 3 swing low (key level). Targets to the upside are located at 1,213.70 (July 31 low) and 1,217.89-1,220.90 zone.  
• A sustained bear breakout below  1,182.90 August 24 low would invalidate the bullish bias.  

Gold 15-minute chart

Spot rate:                   1,209.48
Relative change:         0.31%
High:                          1,212.50
Low:                           1,202.90

Trend:                         Bearish  
Short-term trend:        Bullish

Resistance 1:            1,211.17 July 19 low  
Resistance 2:            1,213.70 July 31 low
Resistance 3:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 4:            1,225.90 July 17 low

Support 1:            1,204.10, August 3 swing low (key level)
Support 2:            1,194.30 March 10, 2017 low
Support 3:            1,182.90 August 24 low
Support 4:            1,172.82 current 2018 low