“¢ 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
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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
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