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   “¢   The precious metal struggled to build on Friday’s bullish breakthrough a descending trend-channel and has now erased a major part of the gains recorded over the past two trading sessions.

   “¢   The commodity’s inability to preserve/build on the momentum beyond 200-hour SMA points to the reemergence of fresh selling pressure amid the continuation of the recent USD rally.

   “¢   Technical indicators on hourly charts have been gaining negative momentum, albeit maintained their bullish bias on the daily chart and warrant caution before placing aggressive bearish bets.

   “¢   Hence, any subsequent fall might continue to find decent support near the $1300 psychological mark, which if broken might negate any near-term positive bias and turn the commodity vulnerable.

Gold 1-hourly chart

XAU/USD

Overview:
       Today Last Price:  1307.9
       Today Daily change %:  -0.49%
       Today Daily Open:  1314.36
Trends:
       Daily SMA20:  1300.04
       Daily SMA50:  1277.87
       Daily SMA100:  1249
       Daily SMA200:  1231.02
Levels:
       Previous Daily High:  1315.7
       Previous Daily Low:  1300.1
       Previous Weekly High:  1322.3
       Previous Weekly Low:  1300.1
       Previous Monthly High:  1326.25
       Previous Monthly Low:  1275.9
       Daily Fibonacci 38.2%:  1309.74
       Daily Fibonacci 61.8%:  1306.06
       Daily Pivot Point S1:  1304.41
       Daily Pivot Point S2:  1294.46
       Daily Pivot Point S3:  1288.81
       Daily Pivot Point R1:  1320.01
       Daily Pivot Point R2:  1325.66
       Daily Pivot Point R3:  1335.61