“¢ The precious metal failed to preserve early gains, supported by negative US-China trade-related headlines, and once again started retreating from $1285-87 supply zone.
“¢ Weakness below an intraday descending trend-channel was seen as a key trigger for bearish traders and the latest leg of the slide during the early North-American session.
“¢ A subsequent fall back below 200-hour SMA – coinciding with 38.2% Fibo. level of the $1266-$1286 up-move, now sets the stage for the resumption of the bearish trend.
“¢ Oscillators on hourly charts have again started gaining negative traction and maintained their bearish bias on the daily charts, adding credence to the negative outlook.
“¢ Hence, a follow-through selling below 50% Fibo. level support might turn the commodity vulnerable to accelerate the slide towards $1273-72 support area en-route $1266 level.
Gold 1-hourly chart
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