Gold Technical Analysis: Set-up points to extension of the well-established bearish trend

   •  The precious metal struggled to register any meaningful recovery and has been consolidating within a narrow trading range, just above one-month lows, forming a rectangular chart pattern on the 1-hourly chart. 

   •  A Rectangle is considered as a continuation pattern that marks a pause/consolidation phase, though is not complete until a breakout has occurred and sometimes marks the end of a well-established trend - bearish in this case.

   •  However, given that intraday recovery attempts are sold into near 50-hour SMA, coupled with bearish technical indicators on hourly/daily charts suggest that the selling pressure might still be far from over.
 

Gold 1-hourly chart