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  • 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:

XAU/USD

Overview:
       Last Price:  1223.58
       Daily change:  -2.5e+2  pips
       Daily change:  -0.203%
       Daily Open:  1226.07
Trends:
       Daily SMA20:  1227.93
       Daily SMA50:  1212.41
       Daily SMA100:  1207.17
       Daily SMA200:  1244.95
Levels:
       Daily High:  1236.6
       Daily Low:  1222.7
       Weekly High:  1237.6
       Weekly Low:  1211.8
       Monthly High:  1243.43
       Monthly Low:  1182.54
       Daily Fibonacci 38.2%:  1228.01
       Daily Fibonacci 61.8%:  1231.29
       Daily Pivot Point S1:  1220.31
       Daily Pivot Point S2:  1214.56
       Daily Pivot Point S3:  1206.41
       Daily Pivot Point R1:  1234.21
       Daily Pivot Point R2:  1242.36
       Daily Pivot Point R3:  1248.11