Gold Technical Analysis: Yellow metal bulls taking a breather after reversal attempt

Gold is trading sideways on Friday as the market is consolidating the bull reversal attempt from Thursday.
Gold bulls need to break strongly above the current daily high at $1271.21 a troy ounce in order to claim higher prices towards 1,275.00, the weekly 100-period simple moving average.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Spot rate: 1,267.10

Relative change: 0.11%

High: 1,271.21
Low: 1,266.30

Trend: Neutral to bullish

Resistance 1: 1,271.21, current Friday’s high
Resistance 2: 1,275.00, 100-period SMA (weekly)
Resistance 3: 1,281.70 May 21 low
Resistance 4: 1,291.30 supply/demand level

Support 1: 1,266.47 100-period SMA 15-min
Support 2: 1,260.97 current 2018 low
Support 3: 1,250.00 figure

Author

Flavio Tosti

Independent Analyst

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