- Gold extended previous session retracement slide from multi-year tops and remained heavily offered through the mid-European session on Wednesday.
- The intraday slide, at least for the time being, seemed to show some resilience near 100-hour SMA, or ahead of the key $1400 psychological mark.
The mentioned handle coincides with 38.2% Fibo. level of the $1342-$1439 recent upsurge, which if broken decisively would be seen as a key trigger for bearish traders and trigger further intraday weakness.
Meanwhile, technical indicators on the 1-hourly chart have already drifted into bearish territory and have been losing positive momentum on the 4-hourly chart, while still remained in the overbought zone on the daily chart.
The set-up clearly points to an eventual bearish breakdown, below which the corrective slide could further get extended towards $1382 horizontal zone with some intermediate support near 50% Fibo. level – around the $1390 region.
Gold 1-hourly chart
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