Gold Technical Analysis: Bull flag can send Yellow Metal up to 1,220.00 a troy ounce

• Gold bear trend has been losing steam in the last two weeks as the market has found a bottom at 1,172.82. 
• Gold is evolving in a bull flag. The market is also coiling around a flat 100-period simple moving average on the 4-hour chart while the RSI, MACD and Full Stochastics indicators are all gaining bullish traction suggesting higher prices ahead. 
• A bear breakout below 1,182.90 August 24 low would invalidate the bullish bias.

Gold 4-hour chart

Spot rate:                   1,195.67
Relative change:         0.37%
High:                          1,198.41
Low:                           1,190.60

Trend:                         Bearish 
Short-term trend:        Bullish above 1,182.90 

Resistance 1:            1,194.30 March 10, 2017 low
Resistance 2:            1,204.10, August 3 swing low (key level)
Resistance 3:            1,211.17 July 19 low 
Resistance 4:            1,213.70 July 31 low
Resistance 5:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 6:            1,225.90 July 17 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