Gold Technical Analysis: Yellow Metal under pressure, treading water near 2018 low

• Gold bears are trying to revisit daily lows as the metal is trading below the 50, 100 and 200-period simple moving average on the 15-minute chart.
• A strong breakout below the 2018 low at $1,270.10 a troy ounce  can potentially open the gates to the 1,260 October 6, 2017 swing low in the coming weeks.

Gold 15-minute chart

Spot rate:                    1,272.26
Relative change:         -0.18%      
High:                           1,276.50
Low:                            1,270.30

Trend:                          Bearish

Resistance 1: 1,275.00, 100-period SMA (weekly)
Resistance 2: 1,281.70 May 21 low  
Resistance 3: 1,291.30 former supply/demand level
Resistance 4: 1,300.00 figure

Support 1: 1,270.10, 2018 low
Support 2: 1,260, October 6, 2017 swing low
Support 3: 1,250 figure