Gold Technical Analysis: Yellow Metal bull flag goes on near $1,200.00 a troy ounce

• Gold bear trend is on hold for the fifth consecutive week. 
• The 50, 100 and 200-period simple moving averages are coiled together suggesting that Gold is in consolidation mode. The RSI and MACD indicators are neutral but bulls still consider the current consolidation as a bull flag while the market holds above 1,189.49 (September 4 low). Bulls target can be located near 1,225.90 (July 17 low).
• A break below 1,189.49 (September 4 low) would invalidate the bullish bias.  

Gold 4-hour chart

Spot rate:                   1,200.00
Relative change:        -0.14%
High:                          1,203.54
Low:                           1,195.60

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