Gold Technical Analysis: Yellow Metal trading below $1,275/oz near 2018 low

Gold is trading in a very narrow trading range just below the $1,275 a troy ounce level which is the low of last week and the weekly 100-period simple moving average.
Gold is trading near its 2018 low and below the 50, 100 and 200-period simple moving average on the 4-hour time-frame suggesting the yellow metal is under pressure.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Spot rate: 1,274.00
Relative change: -0.04%
High: 1,276.50
Low: 1,270.30

Trend: Bearish

Resistance 1: 1,275.00, 100-period SMA (weekly)
Resistance 2: 1,281.70 May 21 low
Resistance 3: 1,291.30 former supply/demand level
Resistance 4: 1,300.00 figure

Support 1: 1,270.10 current week’s low
Support 2: 1,250 figure
Support 3: 1,233.00, 200-period SMA (weekly)

Author

Flavio Tosti

Independent Analyst

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