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   “¢   The precious metal extended its bearish slide for the sixth consecutive session and dropped to near one-month lows after hotter than expected US PPI figures.

   “¢   On the daily chart, the commodity has struggled to sustain above $1235 horizontal zone on closing basis, forming a bearish double-top chart pattern.  

   “¢   Sustained weakness below the $1212-10 horizontal zone, leading to a subsequent breakthrough 100-day SMA support, will confirm a near-term bearish breakdown.

   “¢   Technical indicators on the daily chart have also started gaining negative momentum and add credence to the near-term bearish set-up on the daily chart.
 

Gold daily chart

XAU/USD

Overview:
       Last Price:  1212.54
       Daily change:  -1.1e+3  pips
       Daily change:  -0.920%
       Daily Open:  1223.8
Trends:
       Daily SMA20:  1228.01
       Daily SMA50:  1213.01
       Daily SMA100:  1207.18
       Daily SMA200:  1244.34
Levels:
       Daily High:  1227.17
       Daily Low:  1219.99
       Weekly High:  1237.6
       Weekly Low:  1211.8
       Monthly High:  1243.43
       Monthly Low:  1182.54
       Daily Fibonacci 38.2%:  1222.73
       Daily Fibonacci 61.8%:  1224.43
       Daily Pivot Point S1:  1220.14
       Daily Pivot Point S2:  1216.47
       Daily Pivot Point S3:  1212.96
       Daily Pivot Point R1:  1227.32
       Daily Pivot Point R2:  1230.83
       Daily Pivot Point R3:  1234.5