Gold Technical Analysis: recovery attempts likely to get sold into

   •  Bearish moving averages cross-over on hourly chart suggests that selling pressure might be still far from being over.
   •  Short-term technical indicators oscillating in bearish territory and add credence to the near-term negative outlook.
   •  Descending trend-line now seemed to hinder the ongoing rebound from over one-week lows.

Gold 1-hourly chart

Spot Rate: $1293.88
Daily Low: $1290.26
Trend: Bearish

Resistance
R1:  $1296.51 (weekly pivot-point)
R2:  $1298.81 (200-hour SMA H1)
R3:  $1300.66 (Friday's swing high)

Support
S1:  $1291.12 (lower Bollinger band H1)
S2:  $1289.20 (Friday's over one-week low)
S3:  $1286.49 (S1 weekly pivot-point)