Gold might be going through a revaluation phase, where Cryptocurrencies like Bitcoin are now rivaling it as the preferred risk-off asset or when such inflation risks persist. This crypto hype has potentially weakened some demand for Gold. Furthermore, there is the possibility that the US Fed may hike rates three times over the next 12 months, and this shifts further investments from Gold into Bonds.
Technically Gold is showing Bearish SHS continuation pattern (Head and Shoulders at support) and the price might retest a neckline that is a part of POC zone. The POC 1271-1274.50 (Bearish SHS neckline, order block, EMA89, D H4, 78.6) could potentially reject the price towards 1264.23 , 1261.28 and 1256.87. Break of 1281.80 and 4h close above it, will possibly negate bearish scenario.
Gold Hourly Chart