Gold Technical Analysis: Bears await a convincing breakthrough descending triangle support

   •  The precious metal extended overnight rejection slide from one-week-old descending trend-line resistance and dropped to test an important horizontal support near $1220 level. 

   •  A follow-through selling below the mentioned support will mark a near-term bearish breakthrough a descending triangular formation on the 1-hourly chart and add to the selling pressure.

   •  Technical indicators on hourly charts have started gaining negative momentum, and have also started losing traction on the daily chart, and thus, support prospects for an eventual breakdown. 

Gold 1-hourly chart

XAU/USD

Overview:    Today Last Price: 1220.87    Today Daily change: -1.3e+2 pips    Today Daily change %: -0.107%    Today Daily Open: 1222.18Trends:    Previous Daily SMA20: 1218.96    Previous Daily SMA50: 1218.56    Previous Daily SMA100: 1207.46    Previous Daily SMA200: 1236.43Levels:    Previous Daily High: 1228.04    Previous Daily Low: 1221.4    Previous Weekly High: 1230.3    Previous Weekly Low: 1217.7    Previous Monthly High: 1243.43    Previous Monthly Low: 1182.54    Previous Daily Fibonacci 38.2%: 1223.93    Previous Daily Fibonacci 61.8%: 1225.5    Previous Daily Pivot Point S1: 1219.71    Previous Daily Pivot Point S2: 1217.24    Previous Daily Pivot Point S3: 1213.07    Previous Daily Pivot Point R1: 1226.34    Previous Daily Pivot Point R2: 1230.51    Previous Daily Pivot Point R3: 1232.98

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