Gold Technical Analysis: Mission Accomplished for bulls as Yellow Metal breakout and reaches $1,200.00 a troy ounce

• Gold is trading in a bear trend but has been trapped in a range between 1,180.00 and $1,210.00 a troy ounce for several weeks.
• Gold is breaking out towards the higher part of the range as it is trading near 1,200.00. The next target is 1,211.17 (July 19 low). 
• Since the range has been holding for so many weeks it remains to be seen what happens if the market reaches 1,211.17 resistance

Gold 4-hour chart

Spot rate:                   1,201.00
Relative change:        1.09%
High:                          1,202.00
Low:                           1,188.10

Main trend:                 Bearish
Short-term trend:        Bullish 

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:            1,182.90 August 24 low
Support 4:            1,172.82 current 2018 low
Support 5:            1,145.20 March, 1 2017 low