Gold Technical Analysis: Gold bulls getting ready for more traveling north

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  • Gold bear trend is on hold for the fifth week in a row as the market is grinding higher.
  • The 50, 100 and 200-period simple moving averages are coiled together while Gold is in consolidation mode. The RSI, MACD and Stochastics indicators are bullish as buyers consider the consolidation phase as a bull flag while the market holds above 1,189.49 (September 4 low). Nothing indicates that the bullish momentum should abate anytime soon. Bulls target might be located near 1,225.90 (July 17 low).
  • A break below 1,189.49 (September 4 low) should invalidate the bullish bias.  

Gold 4-hour chart 

Spot rate:                   1,207.50
Relative change:         0.29%
High:                          1,208.45
Low:                           1,201.34

Trend:                         Bearish 
Short-term trend:        Bullish above 1,182.90 

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

Support 1:            1,204.10, August 3 swing low (key level)
Support 2:            1,194.30 March 10, 2017 low
Support 3:            1,189.49 September 4 low
Support 4:            1,172.82 current 2018 low
Support 5:            1,145.20 March, 1 2017 low

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