Gold technical analysis: Yellow Metal under pressure below 1,280.00 resistance

Gold daily chart
 
Gold is trading below 1,280.00 resistance and the 50 and 100-period simple moving averages (SMAs).

Gold 4-hour chart

Gold is trading below its main SMAs suggesting bearish momentum in the medium term.

Gold 30-minute chart

The market is trading below 1,277.00 resistance and its main SMAs suggesting bearish momentum in the near term. If bears break 1,272.50 support the market can continue to drop towards 1,270.00 and potentially to 1,266.00 if the bears gather enough steam. Resistances are at 1,277.50 and 1,280.00 levels.

Additional key levels