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.

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