From a technical perspective, the recent failure to capitalize on the strength beyond the 50-day Simple Moving Average (SMA) and the subsequent slide favors bearish traders. Moreover, oscillators on the daily chart have again started gaining negative traction, suggesting that the path of least resistance for the Gold price is to the downside. That said, it will still be prudent to wait for a sustained break below a short-term ascending trendline support, currently pegged near the $2,310 area, before positioning for further losses. The XAU/USD might then weaken further below the $2,300 mark and retest the monthly swing low, around the $2,287-2,286 region. Some follow-through selling will reaffirm the negative bias and expose the 100-day SMA support near the $2,250 area. The downward trajectory could extend further towards the $2,225-2,220 region before the commodity eventually drops to the $2,200 round-figure mark.
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