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   “¢   The precious metal stalled its recent positive momentum near 200-period SMA on the 4-hourly chart and came under some renewed selling pressure on Thursday.

   “¢   The intraday slide dragged the commodity below the key $1300 psychological mark and tested 50% Fibonacci retracement level of the $1280-$1311 latest up-move.

   “¢   Slightly oversold conditions on the 1-hourly chart turned out to be the only factor that helped limit further downside and find some support near the mentioned Fibo. level.  

   “¢   Meanwhile, oscillators on the daily chart maintained their bearish bias and have also started losing positive momentum on the 4-hourly chart, suggesting further near-term weakness.

   “¢   A follow-through weakness below the said support will reinforce the bearish outlook and accelerate the weakening trend further towards testing the $1290 horizontal support.

Gold 4-hourly chart


       Today Last Price:  1298.3
       Today Daily change %:  -0.83%
       Today Daily Open:  1309.12
       Daily SMA20:  1311.75
       Daily SMA50:  1303.67
       Daily SMA100:  1269.86
       Daily SMA200:  1238.53
       Previous Daily High:  1312.8
       Previous Daily Low:  1300.65
       Previous Weekly High:  1300.7
       Previous Weekly Low:  1280.1
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1308.16
       Daily Fibonacci 61.8%:  1305.29
       Daily Pivot Point S1:  1302.25
       Daily Pivot Point S2:  1295.37
       Daily Pivot Point S3:  1290.1
       Daily Pivot Point R1:  1314.4
       Daily Pivot Point R2:  1319.67
       Daily Pivot Point R3:  1326.55