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   “¢   The precious metal extended its range-bound price action on Wednesday and remained confined in a narrow trading band, just below 38.2% Fibonacci retracement level of the $1196-$1346 recent upsurge.

   “¢   Given last week’s bearish slide below a short-term ascending trend-line and 50-day SMA support near the key $1300 psychological mark, the price action might still be categorized as consolidative in nature.

   “¢   Technical indicators on hourly charts have already recovered from the oversold territory and maintained their bearish bias on the daily chart, supporting prospects for an extension of the recent corrective slide.  

   “¢   The downward trajectory could get extended towards 50% Fibonacci retracement level, around the $1270-68 region, also nearing 100-day SMA en-route $1260 horizontal support.

Gold daily chart

XAU/USD

Overview:
       Today Last Price:  1285.16
       Today Daily change %:  -0.25%
       Today Daily Open:  1288.32
Trends:
       Daily SMA20:  1315.69
       Daily SMA50:  1301.52
       Daily SMA100:  1266.02
       Daily SMA200:  1236.6
Levels:
       Previous Daily High:  1291.8
       Previous Daily Low:  1281.4
       Previous Weekly High:  1332.58
       Previous Weekly Low:  1290.3
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1287.83
       Daily Fibonacci 61.8%:  1285.37
       Daily Pivot Point S1:  1282.55
       Daily Pivot Point S2:  1276.78
       Daily Pivot Point S3:  1272.15
       Daily Pivot Point R1:  1292.95
       Daily Pivot Point R2:  1297.57
       Daily Pivot Point R3:  1303.35