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   “¢   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