Another opportunity for bulls to regain 1,200.00 figure


  • Gold is in a bear trend as it is trading below its 50, 100 and 200-period simple moving average. 
  • Gold is trapped in a range between 1,180.00 and $1,210.00 a troy ounce. The yellow metal is currently rebounding from the 1,180.00 level and is challenging a bear trendline (red) while the RSI, MACD and Stochastics are supportive of higher prices.
  • If bulls keep the momentum going it can lead to the 1,200.00 figure near the SMA cluster. However, a bear breakout below 1,182.90 August 24 low would likely lead to a continuation of the bear trend.   

Gold 4-hour chart

Spot rate:                   1,190.00
Relative change:       -0.25%
High:                          1,192.41
Low:                           1,184.30

Main trend:                 Bearish 

Resistance 1:            1,189.49 September 4 low
Resistance 2:            1,194.30 March 10, 2017 low
Resistance 3:            1,204.10, August 3 swing low (key level)
Resistance 4:            1,211.17 July 19 low 
Resistance 5:            1,214.30 August 28 high
Resistance 6:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 7:            1,225.90 July 17 low
Resistance 8:            1,237.60 July 3 swing low

Support 1:            1,182.90 August 24 low
Support 2:            1,172.82 current 2018 low
Support 3:            1,145.20 March, 1 2017 low



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