Gold Technical Analysis: Yellow metal consolidating below $1,270/oz

Gold has been consolidating sideways on Monday after the reversal attempt of last Thursday and Friday.
The current consolidation can be seen as a bear flag in a bear trend as the market is currently capped by the 100-period simple moving average on the hourly chart.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Spot rate: 1,267.00

Relative change: -0.20%

High: 1,272.56
Low: 1,264.14

Trend: Bearish

Resistance 1: 1,272.46 current Monday’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: 1,264.14 Monday’s low
Support 2: 1,260.97 current 2018 low
Support 3: 1,250.00 figure

Author

Flavio Tosti

Independent Analyst

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