Gold Technical Analysis: Bears betting on a break below $1,290.00/oz

Gold daily chart

• Gold is trading in a bull trend above its 100 and 200 simple moving averages (SMAs).

Gold 4-hour chart

• Gold is trading below its main SMAs suggesting a bearish bias in the medium-term.

 
Gold 30-minute chart

• Gold is trading below its main SMAs suggesting bearish momentum in the short-term.
• Bears are eagerly looking for a break below 1,290.00 support. A break below the level can lead to 1,280.00 and 1,270.00 level.
• Resistance is at 1,296.00 and 1,300.00 figure.

Additional key levels