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   “¢   The precious metal finally broke down of its multi-day consolidative trading range and dropped to 2-1/2 week lows, closer to the key $1300 psychological mark in the last hour.

   “¢   The fact that the commodity remains well below important intraday moving averages – 50, 100 & 200-hour SMAs, support prospects for an extension of the near-term downfall.

   “¢   Moreover, oscillators on hourly charts have been gaining negative traction and weakness below the $1305-04 region might now be seen as a key trigger for intraday bearish traders.

   “¢   However, technical indicators on the daily chart have managed to hold in the bullish territory and warrant some caution before placing any aggressive near-term directional bets.

   “¢   Hence, traders are likely to wait for a sustained break below the mentioned handle before confirming that the commodity might have actually topped out and positioning for further decline.

Gold 1-hourly chart

XAU/USD

Overview:
       Today Last Price:  1304.4
       Today Daily change %:  -0.11%
       Today Daily Open:  1305.82
Trends:
       Daily SMA20:  1302.62
       Daily SMA50:  1282.25
       Daily SMA100:  1252.45
       Daily SMA200:  1231.87
Levels:
       Previous Daily High:  1318.2
       Previous Daily Low:  1305.2
       Previous Weekly High:  1322.3
       Previous Weekly Low:  1300.1
       Previous Monthly High:  1326.25
       Previous Monthly Low:  1275.9
       Daily Fibonacci 38.2%:  1310.17
       Daily Fibonacci 61.8%:  1313.23
       Daily Pivot Point S1:  1301.28
       Daily Pivot Point S2:  1296.74
       Daily Pivot Point S3:  1288.28
       Daily Pivot Point R1:  1314.28
       Daily Pivot Point R2:  1322.74
       Daily Pivot Point R3:  1327.28