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Gold is currently trading at $1,288, having hit a low of $1,282 yesterday. At that level, the yellow metal was down 4.75 percent from the February high of $1,346.  

The yellow metal is looking south, having established a bearish lower high and lower low pattern in the last few days.  

That said, the 14-hour relative strength index (RSI) has diverged in favor of the bulls. As a result, gold could see a minor bounce to the downward sloping 50-hour MA, currently at $1,295, before falling further.  

Hourly chart

Trend: Intraday bounce likely