Gold Technical Analysis: Yellow Metal about to post its largest daily decline since November 2016

• If the bears close the day near $1,275.00 a troy ounce, gold would post its worst daily decline since November 2016.  
• Gold broke below the previous 2018 low at 1,281.70 and has reached a low of 1,275.34 as the London session came to an end this Friday. Now, 1,281.70 becomes the new resistance.  
• Today’s sell-off brings gold to a 5-month’s low as the metal tested the weekly 100-period simple moving average.  

Gold 15-minute chart

Spot rate:                    1,278.38
Relative change:         -1.81%      
High:                           1,303.13
Low:                            1,275.34

Trend:                          Bearish

Resistance 1: 1,281.70 May 21 low  
Resistance 2: 1,291.30 former week’s low
Resistance 3: 1,300.00 figure
Resistance 4: 1,307.77 May 25 high

Support 1: 1,275.00, 100-period SMA (weekly)
Support 2: 1,270.00 figure
Support 3: 1,233.00, 200-period SMA (weekly)