Gold Technical Analysis: Slips below 200-hour SMA/38.2% Fibo. confluence support, turns vulnerable

   •  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