Gold Technical Analysis: V-Shaped bullish reversal points towards $1,205.00 a troy ounce

• Gold bear trend is finding some support as the metal is displaying bullish activity for the third consecutive day.
• Gold bulls are trying to form a v-shaped reversal up trying to target 1,205.50 area, August 10 low which was a former important support level.   
• Gold short-term bullish momentum would likely fade below 1,180.62. 

Gold 15-minute chart

Spot rate:                   1,190.59
Relative change:         0.52%
High:                          1,190.87
Low:                           1,182.50

Trend:                         Bearish 
Short-term trend:        Bullish

Resistance 1:            1,194.30 March 10, 2017 low
Resistance 2:            1,205.50 area, August 10 low
Resistance 3:            1,211.17 July 19 low 

Support 1:                1,180.62 January 27, 2017 low
Support 2:                1,172.82 current 2018 low
Support 3:                1,145.20 March, 1 2017 low