Gold Technical Analysis: Yellow Metal consolidating recent gains below $1,260.00/oz

Gold bulls are pushing the metal higher for the second consecutive day as the metal reached $1,261.20 a troy ounce on Wednesday. Gold is now consolidating the recent gains above the 1,254.23 level, June 28 high.
Gold is now trading below the 100 and 50-period simple moving average and a breakout below 1,254.23 would expose gold to a move towards 1,250.00.
Gold bulls see the current consolidation as a bull flag which could lead to a breakout above the 1,260.00 level.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Spot rate: 1,256.20

Relative change: 0.29%

High: 1,261.20
Low: 1,251.40

Trend: Bearish below 1,260.00

Resistance 1: 1,260.00 figure
Resistance 2: 1,264.14 June 25 low
Resistance 3: 1,270.00 figure

Support 1: 1,254.23 June 28 high
Support 2: 1,250.00 figure
Support 3: 1,245.65 last week’s low
Support 4: 1,243.92 December 7, 2017 low
Support 5: 1,236.52 December 12, 2017 swing low
Support 6: 1,204.00 July 10, 2017 swing low

Author

Flavio Tosti

Independent Analyst

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