Gold Technical Analysis: Yellow metal correcting higher from new 2018 low

• Gold lost about $10 this Tuesday as it reached $1,254.50 a troy once intraday. This is a new 2018 low for the metal.
• Gold is currently consolidating the sell-off as it is trading above the 1,260 figure.
• The next resistance is likely located near 1,264.14 Monday’s low.  

Gold 15-minute chart

Spot rate:                    1,261.00

Relative change:         -0.36%

High:                           1,267.67
Low:                            1,254.50

Trend:                          Bearish / correction mode

Resistance 1: 1,264.14 Monday’s low
Resistance 2: 1,270.00 figure
Resistance 3: 1,275.00, 100-period SMA (weekly)
Resistance 4: 1,281.70 May 21 low 

Support 1: 1,260.00 figure
Support 2: 1,254.50 current 2018 low
Support 3: 1,250.00 figure