Gold Technical Analysis: Yellow metal bulls running out of steam yet again above $1,300/oz

• Gold failed to break above $1300.00 a troy ounce for the third time this week. In fact, the 1,300.00 figure has been an important support/resistance since early May.
• Buyers will need to sustain prices above the key 1,300.00-1,307.77 area in order to confirm any bullish momentum.
• In the absence of any major geopolitical news, gold seems destined to break lower in the coming sessions as buyers are running out of ammo above the 1,300.00 level.

Gold 15-minute chart

Spot rate:                    1,296.73
Relative change:          0.03%      
High:                           1,303.50
Low:                            1,294.70

Trend:                          Bearish below 1,300-1,307.77 area

Support 1:                  1,290.00- 1292.00 area, weekly low and Tuesday’s open
Support 2:                  1,285.00 May 17 low
Support 3:                  1,281.70 May 21 low  
               

Resistance 1:            1,300.00 figure
Resistance 2:            1,306.00-1,307.77 area, supply level and May 25 high
Resistance 3:            1,320.00-1,325.91area, handle and May 11 high