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   “¢   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:  1222.18
Trends:
       Previous Daily SMA20:  1218.96
       Previous Daily SMA50:  1218.56
       Previous Daily SMA100:  1207.46
       Previous Daily SMA200:  1236.43
Levels:
       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