- Gold remains depressed amid renewed US-China trade optimism.
- A retest of monthly lows, around $1445, remains a distinct possibility.
Gold traded with a mild negative bias for the fourth consecutive session on Monday and is currently placed near one-week lows, just above the $1455 horizontal support.
Given that the commodity has been trending lower along a two-month-old descending trend-channel, the near-term set-up remains tilted in favour of bearish traders.
This coupled with the recent failures near the 100-day SMA support-turned-resistance further reinforce the negative outlook amid renewed US-China trade optimism.
Moreover, technical indicators on the daily chart maintained their bearish bias and support prospects for an extension of the recent pullback from multi-year tops.
Hence, some follow-through selling below the $1455 support zone will set the stage for a slide towards retesting monthly swing lows around the $1445 region.
On the flip side, any meaningful recovery attempt might now confront some fresh supply and remain capped near the $1470 strong horizontal resistance.
Gold daily chart
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