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   “¢   The precious metal continued with its struggle to register any meaningful recovery and was seen oscillating in a narrow trading band, forming a rectangle on the 1-hourly chart.

   “¢   Given the overnight bearish breakthrough the $1220 important horizontal support, the rectangle would be categorized as a continuation pattern that marks a pause in the trend.

   “¢   Technical indicators on hourly charts have already recovered from oversold territory and retain their bearish bias on the daily chart, further reinforcing the near-term negative outlook.

   “¢   Traders now seemed to wait for a convincing break below 100-day SMA and the Fed Chair Jerome Powell’s scheduled speech before place aggressive near-term bearish bets.
 

Gold 1-hourly chart

XAU/USD

Overview:
       Today Last Price:  1214.2
       Today Daily change:  -90  pips
       Today Daily change %:  -0.0741%
       Today Daily Open:  1215.1
Trends:
       Previous Daily SMA20:  1218.09
       Previous Daily SMA50:  1218.92
       Previous Daily SMA100:  1207.68
       Previous Daily SMA200:  1235.93
Levels:
       Previous Daily High:  1231.8
       Previous Daily Low:  1212
       Previous Weekly High:  1230.3
       Previous Weekly Low:  1217.7
       Previous Monthly High:  1243.43
       Previous Monthly Low:  1182.54
       Previous Daily Fibonacci 38.2%:  1219.56
       Previous Daily Fibonacci 61.8%:  1224.24
       Previous Daily Pivot Point S1:  1207.47
       Previous Daily Pivot Point S2:  1199.83
       Previous Daily Pivot Point S3:  1187.67
       Previous Daily Pivot Point R1:  1227.27
       Previous Daily Pivot Point R2:  1239.43
       Previous Daily Pivot Point R3:  1247.07