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  • Gold has been trading sideways for eight consecutive weeks.
  • Gold is now attempting to breakout from the 1,180.00-$1,210.00 a troy range. The RSI, MACD and Stochastics indicators are constructive for more upside.
  • Targets for bulls can be seen near 1,220.90 (July 18 low) and 1,237.60 (July 3 swing low). A failed breakout above 1,211.17 would invalidate the bullish bias and send Gold back into its current range.  

Gold 4-hour chart

 

Spot rate:                   1,203.40
Relative change:          0.33%
High:                          1,206.00
Low:                           1,196.90

Main trend:                 Bearish
Short-term trend:        Bullish  

Resistance 1:            1,204.10, August 3 swing low (key level)
Resistance 2:            1,211.17 July 19 low  
Resistance 3:            1,214.30 August 28 high
Resistance 4:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 5:            1,225.90 July 17 low
Resistance 6:            1,237.60 July 3 swing low

Support 1:            1,194.30 March 10, 2017 low
Support 2:            1,189.49 September 4 low
Support 3:            1,182.90 August 24 low
Support 4:            1,172.82 current 2018 low
Support 5:            1,145.20 March, 1 2017 low