Gold Technical Analysis: Bull flag still in play with target at $1,226.00 a troy ounce

• 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 consolidating in a bull flag as bulls want to break above 1,204.10 (key level) in order to drive the market to 1,225.90 July 17 low. However, bulls have a lot of work to do as they need to overcome the 50, 100 and 200-period simple moving averages. 
• A bear breakout below 1,182.90 (August 24 low) would invalidate the bullish scenario and open the gates to a potential retest of the 2018 low.       

Gold 4-hour chart

Spot rate:                   1,195.40
Relative change:        -0.02%
High:                          1,198.70
Low:                           1,191.14

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:            1,213.70 July 31 low
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