Gold Technical Analysis: Yellow Metal poised to breakout to $1,226.00 a troy ounce

• Gold bear trend has been on hold for the last five weeks.
• Gold bulls broke above the bull flag last week and are now busy trying to break above 1,204.10 (August 3 swing low, key level). A break above the level can open the gates towards 1,225.90 (July 17 low). The RSI, MACD and Stochastics indicators are pointing to more gains.
• A bear breakout below 1,189.49 (September 4 low) would invalidate the bullish bias.     

Gold 4-hour chart

Spot rate:                   1,202.75
Relative change:         0.76%
High:                          1,204.90
Low:                           1,192.50

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

Resistance 1:            1,204.10, August 3 swing low (key level)
Resistance 2:            1,211.17 July 19 low 
Resistance 3:            1,214.30 August 28 high
Resistance 4:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 5:            1,225.90 July 17 low

Support 1:            1,194.30 March 10, 2017 low
Support 2:            1,189.49 September 4 low
Support 3:            1,172.82 current 2018 low
Support 4:            1,145.20 March, 1 2017 low