Gold Technical Analysis: Plunges to near 1-month lows, bears eyeing a sustained weakness below 100-DMA

   •  The precious metal finally broke down of its multi-day-old consolidative trading range and tumbled to near one-month lows, closer to $1280 - March monthly swing lows support.

   •  Currently flirting with 100-day SMA support, a sustained breakthrough will confirm a near-term bearish breakdown and open the room for an extension of the recent depreciating move.

   •  The fact that the commodity is sustaining the weakness below 38.2% Fibonacci retracement level of the $1196-$1347 upsurge further add credence to the near-term bearish expectations.

   •  Hence, a follow-through downfall, towards challenging the $1270-68 support area, now looks a distinct possibility amid resurgent USD demand and improving risk-sentiment.

Gold daily chart