Gold Technical Analysis: Gold drops near $1,190.00 an ounce and stays in range

• Gold bear trend is on hold for the fifth consecutive week as the market is trading sideways.
• The 50, 100 and 200-period simple moving averages are coiled together as Gold is trading sideways. Gold has a neutral to bullish bias as long as it holds above 1,189.49. 
• Bulls target can be located near 1,225.90 (July 17 low).

Gold 4-hour chart 

Spot rate:                   1,197.17
Relative change:        -0.84%
High:                          1,211.08
Low:                           1,192.02

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
Resistance 6:            1,237.60 July 3 swing 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