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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 is retreating from daily highs and testing the 50 and 100 SMA as it broke below $1,230.00 a troy ounce. The RSI, MACD and Stochastic are decelerating suggesting further losses ahead.
  • The next objective for bears is likely located near 1,220.90 (July 18 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:            1,211.17 July 19 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:  1228.6
       Daily change:  2.0e+2  pips
       Daily change:  0.161%
       Daily Open:  1226.62
Trends:
       Daily SMA20:  1227.86
       Daily SMA50:  1211.76
       Daily SMA100:  1207.15
       Daily SMA200:  1245.57
Levels:
       Daily High:  1235.94
       Daily Low:  1223.2
       Weekly High:  1237.6
       Weekly Low:  1211.8
       Monthly High:  1243.43
       Monthly Low:  1182.54
       Daily Fibonacci 38.2%:  1228.07
       Daily Fibonacci 61.8%:  1231.07
       Daily Pivot Point S1:  1221.23
       Daily Pivot Point S2:  1215.85
       Daily Pivot Point S3:  1208.49
       Daily Pivot Point R1:  1233.97
       Daily Pivot Point R2:  1241.33
       Daily Pivot Point R3:  1246.71