Gold Technical Analysis: Yellow Metal retracing to $1,220.00/oz support

• Gold is trading in a bull trend above its 200-period simple moving average (SMA) on the 4-hour chart.  
• Gold is currently retracing to the 1,220.90 support (July 18 low) and the 100 SMA. Bulls should try to support the market here.  
• Alternatively, a break below the support can lead to a deeper pullback to 1,204.10 (August 3 swing low, key level). A break below  1,204.10 would likely invalidate the current bullish momentum.

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