Gold Technical Analysis: Yellow Metal break down to weekly lows

• Gold has broken to the downside the 1,291.30 level which was this week’s main support.  
• Gold tried to breakout above $1307.00 a troy ounce on Thursday but failed once again as the yellow metal faded its 200-period simple moving average on the daily time-frame.
• The current sell-off is the strongest of the week and this comes after a rejection of the 200-period SMA on the daily. If the bears can break below the 1281.70 May 21 low it can potentially open the gates towards 1,233  the 200-period SMA on the weekly chart

Gold 15-minute chart

Spot rate:                    1,288.56
Relative change:         -1.02%      
High:                           1,303.13
Low:                            1,286.90

Trend:                          Bearish below 1307.77  

Resistance 1: 1,291.30 former week’s low
Resistance 2: 1,300.00 figure
Resistance 3: 1307.77 May 25 high

Support 1: 1,281.70 May 21 low  
Support 2: 1,270 figure
Support 3: 1,233, 200-period SMA (weekly)