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   “¢   Over the past one week or so, the precious metal has been finding decent support near the $1220 horizontal zone but has been struggling to make it through a descending trend-line.  

   “¢   The combination of a descending trend-line and a horizontal support constituted towards the formation of a descending triangle on hourly charts, pointing to a near-term bearish bias.

   “¢   Meanwhile, technical indicators on the 1-hourly chart have already drifted into bearish territory and have also started losing positive momentum on 4-hourly/daily charts.

   “¢   The set-up clearly suggests that any attempted move towards the descending trend-line resistance is likely to be utilized as a selling opportunity amid improving risk-appetite.
 

Gold 1-hourly chart

XAU/USD

Overview:
       Today Last Price:  1224.56
       Today Daily change:  1.7e+2  pips
       Today Daily change %:  0.140%
       Today Daily Open:  1222.85
Trends:
       Previous Daily SMA20:  1219.51
       Previous Daily SMA50:  1218.18
       Previous Daily SMA100:  1207.35
       Previous Daily SMA200:  1236.9
Levels:
       Previous Daily High:  1228.58
       Previous Daily Low:  1219.93
       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%:  1223.23
       Previous Daily Fibonacci 61.8%:  1225.27
       Previous Daily Pivot Point S1:  1219
       Previous Daily Pivot Point S2:  1215.14
       Previous Daily Pivot Point S3:  1210.35
       Previous Daily Pivot Point R1:  1227.64
       Previous Daily Pivot Point R2:  1232.43
       Previous Daily Pivot Point R3:  1236.29