Gold Technical Analysis: Corrective rally stalled

• Currently, gold is trading at $1,250 - down 1.18 percent from the recent high of$1,265.
• The hourly chart shows a failed bull flag breakout. Further, prices have found acceptance below $1,252 - 50 percent Fibonacci retracement of the corrective rally.
• The corrective rally has stalled and a daily close below $1,238 would revive the bearish view.

Hourly chart

Current price: $1,250

Daily High: $1,256

Daily Low: $1,249

Trend: Neutral, corrective rally has stalled

Resistance

R1: $1,256 (session high)

R2: $1,265.89 (July 9 high)

R3: $1,282 (May 21 low)

Support

S1: $1,247 (previous day's low)

S2: $1,238 (July 3 low)

S3: $1,235 (50-month moving average)