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Gold could see a corrective bounce above $1,290, as the 4-hour chart is showing signs of bearish exhaustion.  

4-hour chart

Multiple long-tailed candles near $1,280 support indicate seller exhaustion. That coupled with a bullish divergence (higher lows on the RSI) indicate scope for a corrective move higher to descending 10-day MA, currently located at $1,300.

The probability of a corrective bounce, however, would drop sharply if the immediate support at $1,280 is breached.  

Trend: oversold bounce likely


       Today Last Price:  1286.54
       Today Daily change:  0.60  pips
       Today Daily change %:  0.05%
       Today Daily Open:  1285.94
       Daily SMA20:  1313.53
       Daily SMA50:  1302.15
       Daily SMA100:  1267.1
       Daily SMA200:  1237.06
       Previous Daily High:  1288.97
       Previous Daily Low:  1281.28
       Previous Weekly High:  1332.58
       Previous Weekly Low:  1290.3
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1284.22
       Daily Fibonacci 61.8%:  1286.04
       Daily Pivot Point S1:  1281.82
       Daily Pivot Point S2:  1277.7
       Daily Pivot Point S3:  1274.13
       Daily Pivot Point R1:  1289.52
       Daily Pivot Point R2:  1293.09
       Daily Pivot Point R3:  1297.21