Gold Technical Analysis: Bears in control, yellow metal back below $1,300/oz

• Gold gained more than $10 in early Europe and broke above $1,306 a troy ounce but bears quickly retraced the move back down.
• Gold failed to break above its 200-period simple moving average on the daily time-frame.
• The risk remains to the downside as gold is trading in a bear channel on the daily chart.

Gold 15-minute chart

Spot rate:                 1,295.00
Relative change:     -0.30%     
High:                         1,306.41
Low:                          1,297.62

Trend:                        Bearish

Support 1:                1,290.00 previous congestion zone
Support 2:                1,281.70 May 21 low  
Support 3:                1,260.10 October 6, 2017 low

Resistance 1:           1,300.00 handle
Resistance 2:           1,306.41 current Tuesday’s high
Resistance 3:           1,325.91 May 11 high