• 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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