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. 


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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.