Gold Technical Analysis: Fails to capitalize on Friday’s bullish break through descending trend-channel

   •  The precious metal struggled to build on Friday's bullish breakthrough a descending trend-channel and has now erased a major part of the gains recorded over the past two trading sessions.

   •  The commodity's inability to preserve/build on the momentum beyond 200-hour SMA points to the reemergence of fresh selling pressure amid the continuation of the recent USD rally.

   •  Technical indicators on hourly charts have been gaining negative momentum, albeit maintained their bullish bias on the daily chart and warrant caution before placing aggressive bearish bets.

   •  Hence, any subsequent fall might continue to find decent support near the $1300 psychological mark, which if broken might negate any near-term positive bias and turn the commodity vulnerable.

Gold 1-hourly chart