Gold Technical Analysis: Yellow Metal under pressure, treading water near 2018 low

Gold bears are trying to revisit daily lows as the metal is trading below the 50, 100 and 200-period simple moving average on the 15-minute chart.
A strong breakout below the 2018 low at $1,270.10 a troy ounce can potentially open the gates to the 1,260 October 6, 2017 swing low in the coming weeks.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Spot rate: 1,272.26
Relative change: -0.18%
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, 2018 low
Support 2: 1,260, October 6, 2017 swing low
Support 3: 1,250 figure

Author

Flavio Tosti

Independent Analyst

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