Gold Technical Analysis: Bull flag breakout - Game on for buyers

• Gold bear trend has been on hold in the last weeks of trading after the market found a bottom at $1,172.82 a troy ounce.
• Gold is breaking from a bull flag which lasted more than two weeks. Gold is now trading above its 50, 100 and 200-period simple moving average while the RSI, MACD and Stochastics are bullish. The next short-term targets are seen at 1,214.30 (August 28 high) and 1,220.90 (July 18 low) followed by 1,225.90 (July 17 low).
• A bear breakout below 1,189.49 (September 4 low) would invalidate the bullish bias.     

Gold 4-hour chart

Spot rate:                   1,206.80
Relative change:         0.70%
High:                          1,208.50
Low:                           1,192.50

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

Resistance 1:            1,211.17 July 19 low 
Resistance 2:            1,214.30 August 28 high
Resistance 3:            1,217.89-1,220.90 zone, August 6 high and July 18 low
Resistance 4:            1,225.90 July 17 low

Support 1:            1,204.10, August 3 swing low (key level)
Support 2:            1,194.30 March 10, 2017 low
Support 3:            1,189.49 September 4 low
Support 4:            1,172.82 current 2018 low
Support 5:            1,145.20 March, 1 2017 low