Gold prices kept sliding in the intraday levels, breaching the upward trend line in the short term as shown in the attached chart, with ongoing negative pressure from the SMA50, breaking in turn through the support of 1,209.38, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 1,122.22 to 1,263.26).

Therefore we expect more losses to come for the precious metal, as long as the resistance of 1,209.38 holds on, targeting thereafter the support of 1,176.10, representing the ratio 61.8% of the retracement levels.

Trend Bearish