Gold Technical Analysis: Gold is happy to keep ranging in the $1,300/oz area

• Gold remains stuck in an extremely tight trading range going back and forth between the 1,290 and the 1,300 level.
• Gold is trading below its daily 200-period simple moving average suggesting that the risk of a breakout would likely be to the downside.  

Gold 15-minute chart

Spot rate:                    1,295.34
Relative change:          -0.38%      
High:                           1,300.60
Low:                            1,292.50

Trend:                          Bearish below $1313.55 a troy ounce

Resistance 1: 1,300.00 figure
Resistance 2: 1307.77 May 25 high
Resistance 3: 1313.55, daily 200-period SMA
Resistance 4: 1,320.00-1,325.91area, figure and May 11 high

Support 1: 1,292.50 current week’s low
Support 2: 1,289.20 last week’s swing low
Support 3: 1,281.70 May 21 low