Gold Technical Analysis: Yellow Metal back to the drawing board near $1,255.00/oz
|- Gold is trading in a tight range between 1,254.00 and $1,256.00 a troy ounce where it spent most of its time last week.
- Gold is struggling to find a clear direction as the metal is in a consolidation phase after the strong decline of the last weeks.
- As gold failed to the downside at 1,247.00, in the near-term the market might try to retest the extremes of the week’s range to the upside near 1,260.00 and 1,264.00.
Gold 15-minute chart
Spot rate: 1,255.67
Relative change: -0.15%
High: 1,260.31
Low: 1,247.00
Trend: Neutral
Resistance 1: 1,260.00 figure
Resistance 2: 1,264.14 June 25 low
Resistance 3: 1,270.00 figure
Resistance 4: 1286.10 May 21 low
Support 1: 1,254.23 June 28 high
Support 2: 1,250.00 figure
Support 3: 1,245.65 June 28 low
Support 4: 1,237.60 current 2018 low
Support 5: 1,204.00 July 10, 2017 swing low
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