Gold Technical Analysis: Set-up points to extension of the well-established bearish trend

   •  The precious metal struggled to register any meaningful recovery and has been consolidating within a narrow trading range, just above one-month lows, forming a rectangular chart pattern on the 1-hourly chart. 

   •  A Rectangle is considered as a continuation pattern that marks a pause/consolidation phase, though is not complete until a breakout has occurred and sometimes marks the end of a well-established trend - bearish in this case.

   •  However, given that intraday recovery attempts are sold into near 50-hour SMA, coupled with bearish technical indicators on hourly/daily charts suggest that the selling pressure might still be far from over. 

Gold 1-hourly chart

XAU/USD

Overview:    Last Price: 1200.64    Daily change: -1.5e+2 pips    Daily change: -0.121%    Daily Open: 1202.1Trends:    Daily SMA20: 1223.28    Daily SMA50: 1213.43    Daily SMA100: 1206.57    Daily SMA200: 1241.19Levels:    Daily High: 1205.2    Daily Low: 1196    Weekly High: 1236.6    Weekly Low: 1206.3    Monthly High: 1243.43    Monthly Low: 1182.54    Daily Fibonacci 38.2%: 1201.69    Daily Fibonacci 61.8%: 1199.51    Daily Pivot Point S1: 1197    Daily Pivot Point S2: 1191.9    Daily Pivot Point S3: 1187.8    Daily Pivot Point R1: 1206.2    Daily Pivot Point R2: 1210.3    Daily Pivot Point R3: 1215.4

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