Gold technical analysis: Flirting with descending triangle support

• Gold traded with a mild negative bias on the last day of the week, albeit has still managed to defend an important horizontal support near the $1492 region.
• The mentioned support, along with a descending trend-line resistance seemed to constitute towards the formation of a descending triangle on hourly charts.

Given that the commodity has already found acceptance below 200-hour SMA and 23.6% Fibo. level of the $1400-$1535 recent upsurge to multi-year tops, the set-up might have already turned in favour of bearish traders amid improving global risk sentiment and receding demand from traditional safe-haven assets.
 
Meanwhile, technical indicators on hourly charts have been drifting lower in the negative territory and now seemed to support prospects for an eventual bearish break through the descending triangle, setting the stage for a further corrective slide back towards testing last week’s swing lows – around the $1483-81 region.
 
However, oscillators on the daily chart have still managed to maintain their bullish bias and should continue to attract some dip-buying interest at lower levels, which might help limit further downside ahead of the Fed Chair Jerome Powell’s scheduled speech at Jackson Hole later during the early North-American session.
 
Failure to defend the mentioned support levels might trigger some follow-through technical selling and turn the precious metal vulnerable to accelerate the slide further towards $1475 level en-route 50% Fibo. level near the $1467-65 zone and a previous resistance breakpoint turned support near the $1450 region.
 
On the flip side, the descending trend-line – currently near the key $1500 psychological mark now seems to act as an immediate resistance and is closely followed by 200-hour SMA around the $1507 region, which if cleared might negate the bearish outlook and trigger a fresh leg of an up-move towards $1522 intermediate resistance ahead of multi-year tops.

Gold 1-hourly chart