Gold Technical Analysis: Intraday slide finds some support near 38.2% Fibo. level

   •  The precious metal failed to build on the recent recovery move from near four-month lows and met with some fresh supply at the start of a new trading week. 

   •  However, the intraday slide found some support near 38.2% Fibonacci retracement level of the $1266.50-$1288.75 bounce, coinciding with 200-hour EMA.

   •  Meanwhile, oscillators on the daily chart maintained their bearish bias and have been losing momentum on the 1-hourly chart, suggesting further downside.

   •  Hence, weakness below the mentioned support is likely to accelerate the slide further towards 100/200-hour SMA and 50% Fibo. level confluence support.

Gold 1-hourly chart