“¢ The precious metal finally broke down of its multi-day-old consolidative trading range and tumbled to near one-month lows, closer to $1280 – March monthly swing lows support.
“¢ Currently flirting with 100-day SMA support, a sustained breakthrough will confirm a near-term bearish breakdown and open the room for an extension of the recent depreciating move.
“¢ The fact that the commodity is sustaining the weakness below 38.2% Fibonacci retracement level of the $1196-$1347 upsurge further add credence to the near-term bearish expectations.
“¢ Hence, a follow-through downfall, towards challenging the $1270-68 support area, now looks a distinct possibility amid resurgent USD demand and improving risk-sentiment.
Gold daily chart
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