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Gold Technical Analysis: Yellow metal bulls taking a breather after reversal attempt

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  • Gold is trading sideways on Friday as the market is consolidating the bull reversal attempt from Thursday. 
  • Gold bulls need to break strongly above the current daily high at $1271.21 a troy ounce in order to claim higher prices towards 1,275.00, the weekly 100-period simple moving average.
Gold 15-minute chart

Spot rate:                    1,267.10
Relative change:         0.11%
High:                           1,271.21
Low:                            1,266.30
Trend:                          Neutral to bullish
Resistance 1: 1,271.21, current Friday’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: 1,266.47 100-period SMA 15-min
Support 2: 1,260.97 current 2018 low
Support 3: 1,250.00 figure
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