Gold Technical Analysis: In the process of bottoming out

• Gold bear trend has been on hold for the last two weeks. 
• Gold is trading in a bear channel with downward sloping simple moving averages. However, the RSI and MACD indicators are showing signs of bearish exhaustion and the market might be bottoming out. Gold is in a range between 1,182.90 and 1,204.10. 
• Bulls have a slight advantage especially if they manage to keep the market above 1,204.10. A bull breakout above 1,220.90 would be considered as bullish as it would create a higher highs on the daily chart.

Gold daily chart

Spot rate:                   1,201.40
Relative change:         0.03%
High:                          1,204.00
Low:                           1,195.30

Trend:                         Bearish 
Short-term trend:        Bullish reversal attempt

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:            1,182.90 August 24 low
Support 3:            1,172.82 current 2018 low