Gold Technical Analysis: Mission Accomplished for bears as the Yellow Metal hits 1,220.90 level

• Gold is trading in a bull trend above its 200-period simple moving average (SMA) on the 4-hour chart.
• Gold retraced to the 1,220.90 support level. Bulls might try to support the market here. The RSI, MACD and Stochastic indicators are negative suggesting potential continued bearish momentum. 
• However, a break below the level can open the doors to 1,211.80 (October 31 low). 

Gold 4-hour chart

Main trend:                 Bullish

Resistance 1:            1,237.60 July 3 swing low
Resistance 2:            1,250.00 figure
Resistance 3:            1,265.90 July high
Resistance 4:            1,300.00 figure

Support 1:            1,220.90 July 18 low
Support 2:            1,211.80 October 31 low
Support 3:            1,204.10, August 3 swing low (key level)
Support 4:            1,182.90 August 24 low
Support 5:            1,172.82 current 2018 low

 

Additional key levels at a glance: