- Currently, gold is trading at $1,250 – down 1.18 percent from the recent high of$1,265.
- The hourly chart shows a failed bull flag breakout. Further, prices have found acceptance below $1,252 – 50 percent Fibonacci retracement of the corrective rally.
- The corrective rally has stalled and a daily close below $1,238 would revive the bearish view.
Hourly chart
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Current price: $1,250
Daily High: $1,256
Daily Low: $1,249
Trend: Neutral, corrective rally has stalled
R1: $1,256 (session high)
R2: $1,265.89 (July 9 high)
R3: $1,282 (May 21 low)
Support
S1: $1,247 (previous day’s low)
S2: $1,238 (July 3 low)
S3: $1,235 (50-month moving average)
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