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   “¢   The precious metal extended its sideways consolidative price action on Tuesday and remained confined in a narrow trading range near multi-week lows, just below 38.2% Fibo. level of the $1196-$1346 recent upsurge.

   “¢   Given last week’s bearish break below 50-day SMA – for the first time since Nov. 2018, coupled with the fact that the commodity has failed to register any meaningful recovery clearly points to further near-term weakness.

   “¢   Moreover, technical indicators on the daily chart have just started gaining negative momentum and further add credence to the bearish outlook, albeit traders still seemed reluctant to place aggressive bets.

   “¢   Highly oversold conditions on the 4-hourly chart, especially after the overnight slump to the lowest level since Jan. 25, seemed to be the only factor leading to a subdued/range-bound price action on Tuesday.

   “¢   Nevertheless, the set-up favours bearish traders and hence, attempted recovery moves might be seen as a selling opportunity for an eventual slide to $1275 en-route $1271 and 100-day SMA, around $1265.

Gold daily chart

XAU/USD

Overview:
       Today Last Price:  1285.91
       Today Daily change %:  -0.07%
       Today Daily Open:  1286.87
Trends:
       Daily SMA20:  1317.04
       Daily SMA50:  1301.15
       Daily SMA100:  1265.44
       Daily SMA200:  1236.37
Levels:
       Previous Daily High:  1297.15
       Previous Daily Low:  1282.98
       Previous Weekly High:  1332.58
       Previous Weekly Low:  1290.3
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1288.4
       Daily Fibonacci 61.8%:  1291.74
       Daily Pivot Point S1:  1280.85
       Daily Pivot Point S2:  1274.84
       Daily Pivot Point S3:  1266.69
       Daily Pivot Point R1:  1295.02
       Daily Pivot Point R2:  1303.17
       Daily Pivot Point R3:  1309.18