Gold Technical Analysis: Set-up points to an extension of the overnight bearish breakdown

   •  The precious metal continued with its struggle to register any meaningful recovery and was seen oscillating in a narrow trading band, forming a rectangle on the 1-hourly chart.

   •  Given the overnight bearish breakthrough the $1220 important horizontal support, the rectangle would be categorized as a continuation pattern that marks a pause in the trend.

   •  Technical indicators on hourly charts have already recovered from oversold territory and retain their bearish bias on the daily chart, further reinforcing the near-term negative outlook.

   •  Traders now seemed to wait for a convincing break below 100-day SMA and the Fed Chair Jerome Powell's scheduled speech before place aggressive near-term bearish bets. 

Gold 1-hourly chart

XAU/USD

Overview:    Today Last Price: 1214.2    Today Daily change: -90 pips    Today Daily change %: -0.0741%    Today Daily Open: 1215.1Trends:    Previous Daily SMA20: 1218.09    Previous Daily SMA50: 1218.92    Previous Daily SMA100: 1207.68    Previous Daily SMA200: 1235.93Levels:    Previous Daily High: 1231.8    Previous Daily Low: 1212    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%: 1219.56    Previous Daily Fibonacci 61.8%: 1224.24    Previous Daily Pivot Point S1: 1207.47    Previous Daily Pivot Point S2: 1199.83    Previous Daily Pivot Point S3: 1187.67    Previous Daily Pivot Point R1: 1227.27    Previous Daily Pivot Point R2: 1239.43    Previous Daily Pivot Point R3: 1247.07

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