Gold Technical Analysis: Set-up remains in favor of bearish traders, sustained weakness below 100-DMA awaited

   •  The precious metal continued showing some resilience below 38.2% Fibonacci level of the $1196-$1347 upsurge and once again managed to stage a modest rebound from lower levels, albeit lacked follow-through.

   •  The mentioned region is closely followed by support marked by 100-day SMA, also coinciding with early March swing lows and should now act as a key pivotal point for the commodity's near-term directional move.

   •  Meanwhile, technical indicators on hourly charts have again started gaining negative traction but failed to support any firm direction on the daily chart, suggesting some caution before placing any aggressive bets.

   •  Moreover, the fact that the commodity has failed to register any meaningful bounce clearly suggests that the near-term bearish pressure might still be far from over and point to an extension of the depreciating move.

   •  However, it would be prudent to wait for a convincing break through the mentioned support (100-DMA) before traders start positioning for any further near-term downfall towards challenging the $1270-68 support zone.

Gold daily chart