Gold Technical Analysis: Hits 1-month low, weakness below $1210 to accelerate the downfall

   •  The precious metal extended its bearish slide for the sixth consecutive session and dropped to near one-month lows after hotter than expected US PPI figures.

   •  On the daily chart, the commodity has struggled to sustain above $1235 horizontal zone on closing basis, forming a bearish double-top chart pattern. 

   •  Sustained weakness below the $1212-10 horizontal zone, leading to a subsequent breakthrough 100-day SMA support, will confirm a near-term bearish breakdown.

   •  Technical indicators on the daily chart have also started gaining negative momentum and add credence to the near-term bearish set-up on the daily chart. 

Gold daily chart

XAU/USD

Overview:    Last Price: 1212.54    Daily change: -1.1e+3 pips    Daily change: -0.920%    Daily Open: 1223.8Trends:    Daily SMA20: 1228.01    Daily SMA50: 1213.01    Daily SMA100: 1207.18    Daily SMA200: 1244.34Levels:    Daily High: 1227.17    Daily Low: 1219.99    Weekly High: 1237.6    Weekly Low: 1211.8    Monthly High: 1243.43    Monthly Low: 1182.54    Daily Fibonacci 38.2%: 1222.73    Daily Fibonacci 61.8%: 1224.43    Daily Pivot Point S1: 1220.14    Daily Pivot Point S2: 1216.47    Daily Pivot Point S3: 1212.96    Daily Pivot Point R1: 1227.32    Daily Pivot Point R2: 1230.83    Daily Pivot Point R3: 1234.5

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