Gold Technical Analysis: Yello Metal bears en route towards $1,247.00/oz

Gold daily chart

• Gold broke below 1,280.00 and the 100 and 200 simple moving averages (SMAs) suggesting a correction down.

Gold 4-hour chart

• The Yellow Metal is trading below its main SMAs suggesting a bearish bias also in the medium-term.

 
Gold 30-minute chart

• Gold is trading below its main SMAs suggesting bearish momentum in the short-term.
• Bears broke below 1,290.00 support leaving the door open to 1,270.00; 1,260.00 level and 1,247.00 support. 
• Resistance is at 1,280.00 and 1,290.00 figure.

Additional key levels