Gold Technical Analysis: Flirting with a short-term ascending trend-channel support

   •  The precious metal extended Friday's retracement slide from near 3-1/2 month tops and remained under some selling pressure for the second consecutive session.

   •  The corrective slide has now dragged the commodity to a short-term ascending trend-channel support, which if broken might prompt fresh long-unwinding trade.

   •  Moreover, technical indicators on hourly charts have been drifting lower in the bearish territory; though managed to hold in positive territory on the daily chart.

   •  Hence, it would be prudent to wait for a convincing break through the mentioned trend-channel support before positioning for any further near-term corrective slide.

Gold 4-hourly chart