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   “¢   The precious metal extended Friday’s retracement slide from near 3-1/2 month tops and remained under some selling pressure for the second consecutive session.

   “¢   The corrective slide has now dragged the commodity to a short-term ascending trend-channel support, which if broken might prompt fresh long-unwinding trade.

   “¢   Moreover, technical indicators on hourly charts have been drifting lower in the bearish territory; though managed to hold in positive territory on the daily chart.

   “¢   Hence, it would be prudent to wait for a convincing break through the mentioned trend-channel support before positioning for any further near-term corrective slide.

Gold 4-hourly chart

XAU/USD

Overview:
       Last Price:  1225.05
       Daily change:  -3.9e+2  pips
       Daily change:  -0.313%
       Daily Open:  1228.9
Trends:
       Daily SMA20:  1224.72
       Daily SMA50:  1208.33
       Daily SMA100:  1207.19
       Daily SMA200:  1249.08
Levels:
       Daily High:  1235.42
       Daily Low:  1223.9
       Weekly High:  1243.43
       Weekly Low:  1219.9
       Monthly High:  1212.64
       Monthly Low:  1180.63
       Daily Fibonacci 38.2%:  1228.3
       Daily Fibonacci 61.8%:  1231.02
       Daily Pivot Point S1:  1223.39
       Daily Pivot Point S2:  1217.89
       Daily Pivot Point S3:  1211.87
       Daily Pivot Point R1:  1234.91
       Daily Pivot Point R2:  1240.93
       Daily Pivot Point R3:  1246.43