Gold Technical Analysis: Yellow metal reaches new 2018 low at 1,260.97

• Gold has been declining for the 5th day in a row and reached a new 2018 low at $1,260.97 a troy ounce this Thursday. 
• The trend is bearish however the bear momentum is slightly slowing down as gold is trading above the 50 and 100-period simple moving average on the 15-minute chart. 
• Bulls will try to regain the 1,270.00 figure while the bears want a retest of the 2018 low at 1,260.97. 

Gold 15-minute chart

Spot rate:                    1,267.10

High:                           1,270.00
Low:                            1,260.97

Trend:      Bearish but slowing momentum

Resistance 1: 1,270.00 figure
Resistance 2: 1,275.00, 100-period SMA (weekly)
Resistance 3: 1,281.70 May 21 low 
Resistance 4: 1,291.30 supply/demand level

Support 1: 1,266.47 100-period SMA 15-min
Support 2: 1,260.97 current 2018 low
Support 3: 1,250.00 figure