Gold Technical Analysis: Gold pulling back up near $1247.00/oz after steady weekly decline

  • Gold has been trading down for most of the week and is currently below $1,250.00 a troy ounce and below the 200-period simple moving average which is suggesting a mild bearish bias on the metal.
  • Gold is currently consolidating the bear move seen on Wednesday as bulls are trying to form a double bottom with the current 2018 low at 1,237.60. 
  • If the bears retake control they will probably re-attack the current week’s low at 1,241.00 and if they manage to gather enough momentum they might try to retake the 2018 low. However, a breakout above 1,250.00 might signal sellers’ lack of conviction; and in such scenario, a reversal up towards 1,260.00 figure could then be on the cards.
     

Gold 15-minute chart

Spot rate:                   1,246.85

Relative change:         0.40%

High:                          1,248.60
Low:                           1,241.00

Trend:                         Bearish below 1,250.00

Resistance 1:            1,250.00 figure
Resistance 2:            1,254.23 June 28 high
Resistance 3:            1,260.00 figure 
Resistance 4:            1,264.14 June 25 low
Resistance 5:            1,270.00 figure
Resistance 6:            1286.10 May 21 low

Support 1:                1,245.65 June 28 low
Support 2:                1,241.00 current week’s low
Support 3:                1,237.60 current 2018 low
Support 4:                1,204.00 July 10, 2017 swing low

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