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   “¢   The precious metal extended its intraday rejection slide from the $1300 neighbourhood and tumbled to fresh multi-week lows during the early European session on Monday.

   “¢   Friday’s sustained bearish break below 50-day SMA – for the first time since Nov. 2018, was seen as a key trigger behind a follow-through selling for the fourth straight session.

   “¢   The commodity has now dropped to 38.2% Fibo. level of the $1200-$1346 recent upsurge, also coinciding with a congestion zone held during the early part of January.

   “¢   Meanwhile, oscillators on the daily chart have just started gaining negative momentum and are still far from oversold territory, clearly pointing to an extension of the bearish trajectory.

   “¢   However, technical indicators on hourly charts are already pointing to highly oversold conditions and warrant some consolidation before any further near-term depreciating move.  

Gold daily chart


       Today Last Price:  1287.46
       Today Daily change %:  -0.22%
       Today Daily Open:  1290.34
       Daily SMA20:  1318.29
       Daily SMA50:  1300.8
       Daily SMA100:  1264.79
       Daily SMA200:  1236.14
       Previous Daily High:  1315.26
       Previous Daily Low:  1290.3
       Previous Weekly High:  1332.58
       Previous Weekly Low:  1290.3
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1299.83
       Daily Fibonacci 61.8%:  1305.72
       Daily Pivot Point S1:  1282.01
       Daily Pivot Point S2:  1273.68
       Daily Pivot Point S3:  1257.06
       Daily Pivot Point R1:  1306.97
       Daily Pivot Point R2:  1323.59
       Daily Pivot Point R3:  1331.92