Gold Technical Analysis: Yellow Metal breaking down to weekly lows

Gold has broken to the downside the 1,291.30 level which was this week's main support.
Gold tried to breakout above $1,307.00 a troy ounce on Thursday but failed once again as the yellow metal faded its 200-period simple moving average on the daily time-frame.
The current sell-off is the strongest of the week and this comes after a rejection of the 200-period SMA on the daily. If the bears can break below the 1,281.70 May 21 low it can potentially open the gates towards 1,233 the 200-period SMA on the weekly chart

Flavio Tosti Independent Analyst

Gold 15-minute chart

Spot rate: 1,288.56
Relative change: -1.02%
High: 1,303.13
Low: 1,286.90

Trend: Bearish below 1,307.77

Resistance 1: 1,291.30 former week's low
Resistance 2: 1,300.00 figure
Resistance 3: 1,307.77 May 25 high

Support 1: 1,281.70 May 21 low
Support 2: 1,270 figure
Support 3: 1,233, 200-period SMA (weekly)

Author

Flavio Tosti

Independent Analyst

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