Gold Technical Analysis: Yellow metal remains vulnerable below $1,300/oz

• Gold failed to break above $1300.00 a troy ounce for the second time this week. The 1,300.00 handle has been an important support/resistance since early May.
• Bulls are trying to break above a descending trendline on the daily chart but buyers will need to sustain prices above the key 1,300-1,307.77 area in order to confirm any bullish momentum.
• In the short-term, in the absence of major geopolitical news, bears may re-test weekly lows in the 1,290.00 region. A break of the level can lead to a fall toward May’s lows in the 1,280.00 area.

Gold 15-minute chart

Spot rate:                    1,295.50
Relative change:        -0.05%     
High:                           1,301.90
Low:                            1,293.60

Trend:                          Bearish below 1,300-1,307.77 area

Support 1:                  1,290.00- 1292.00 area, weekly low and Tuesday’s open
Support 2:                  1,285.00 May 17 low
Support 3:                  1,281.70 May 21 low  
               

Resistance 1:            1,300.00 handle
Resistance 2:            1,306.00-1,307.77 area, supply level and May 25 high
Resistance 3:            1,320.00-1,325.91area, handle and May 11 high