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  • Bulls struggled to build on the attempted intraday move up.
  • Technical set-up seems tilted in favour of bearish traders.

Gold edged higher on Tuesday, albeit lacked any strong follow-through beyond $1490 level and remained well within a broader trading range held over the past one week or so.
The recent range-bound trading action constituted towards the formation of a rectangle on the 1-hourly chart, suggesting indecision over the commodity’s near-term direction.
Given that the precious metal has repeated failed to sustain/build on attempted intraday positive moves beyond 200-hour SMA, the set-up seems tilted in favour of bearish traders.
Meanwhile, technical indicators on hourly/daily charts have also started gaining some negative traction and reinforce prospects for a further near-term depreciating move.
However, traders are likely to wait for a sustained break below the $1476-74 support before positioning for a further downfall back towards monthly swing lows – around the $1459 region.
On the flip side, a sustained move beyond the trading range resistance, near the $1496-97 region, should pave the way for a move back towards the $1510-12 heavy supply zone.

Gold 1-hourly chart