Gold Technical Analysis: Bears gearing up for a slide towards 100-DMA support, around $1265

   •  The precious metal extended its sideways consolidative price action on Tuesday and remained confined in a narrow trading range near multi-week lows, just below 38.2% Fibo. level of the $1196-$1346 recent upsurge.

   •  Given last week's bearish break below 50-day SMA - for the first time since Nov. 2018, coupled with the fact that the commodity has failed to register any meaningful recovery clearly points to further near-term weakness.

   •  Moreover, technical indicators on the daily chart have just started gaining negative momentum and further add credence to the bearish outlook, albeit traders still seemed reluctant to place aggressive bets.

   •  Highly oversold conditions on the 4-hourly chart, especially after the overnight slump to the lowest level since Jan. 25, seemed to be the only factor leading to a subdued/range-bound price action on Tuesday.

   •  Nevertheless, the set-up favours bearish traders and hence, attempted recovery moves might be seen as a selling opportunity for an eventual slide to $1275 en-route $1271 and 100-day SMA, around $1265.

Gold daily chart