“¢ The precious metal failed to build on the recent recovery move from near four-month lows and met with some fresh supply at the start of a new trading week.
“¢ However, the intraday slide found some support near 38.2% Fibonacci retracement level of the $1266.50-$1288.75 bounce, coinciding with 200-hour EMA.
“¢ Meanwhile, oscillators on the daily chart maintained their bearish bias and have been losing momentum on the 1-hourly chart, suggesting further downside.
“¢ Hence, weakness below the mentioned support is likely to accelerate the slide further towards 100/200-hour SMA and 50% Fibo. level confluence support.
Gold 1-hourly chart
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