Gold Technical Analysis: Finds some support near 50% Fibo. level of the recent positive move

   •  The precious metal stalled its recent positive momentum near 200-period SMA on the 4-hourly chart and came under some renewed selling pressure on Thursday.

   •  The intraday slide dragged the commodity below the key $1300 psychological mark and tested 50% Fibonacci retracement level of the $1280-$1311 latest up-move.

   •  Slightly oversold conditions on the 1-hourly chart turned out to be the only factor that helped limit further downside and find some support near the mentioned Fibo. level. 

   •  Meanwhile, oscillators on the daily chart maintained their bearish bias and have also started losing positive momentum on the 4-hourly chart, suggesting further near-term weakness.

   •  A follow-through weakness below the said support will reinforce the bearish outlook and accelerate the weakening trend further towards testing the $1290 horizontal support.

Gold 4-hourly chart