Gold Technical Analysis: Flirting with a short-term ascending trend-channel support

   •  The precious metal extended Friday's retracement slide from near 3-1/2 month tops and remained under some selling pressure for the second consecutive session.

   •  The corrective slide has now dragged the commodity to a short-term ascending trend-channel support, which if broken might prompt fresh long-unwinding trade.

   •  Moreover, technical indicators on hourly charts have been drifting lower in the bearish territory; though managed to hold in positive territory on the daily chart.

   •  Hence, it would be prudent to wait for a convincing break through the mentioned trend-channel support before positioning for any further near-term corrective slide.

Gold 4-hourly chart

XAU/USD

Overview:    Last Price: 1225.05    Daily change: -3.9e+2 pips    Daily change: -0.313%    Daily Open: 1228.9Trends:    Daily SMA20: 1224.72    Daily SMA50: 1208.33    Daily SMA100: 1207.19    Daily SMA200: 1249.08Levels:    Daily High: 1235.42    Daily Low: 1223.9    Weekly High: 1243.43    Weekly Low: 1219.9    Monthly High: 1212.64    Monthly Low: 1180.63    Daily Fibonacci 38.2%: 1228.3    Daily Fibonacci 61.8%: 1231.02    Daily Pivot Point S1: 1223.39    Daily Pivot Point S2: 1217.89    Daily Pivot Point S3: 1211.87    Daily Pivot Point R1: 1234.91    Daily Pivot Point R2: 1240.93    Daily Pivot Point R3: 1246.43

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