Gold Technical Analysis: Seems poised to challenge 38.2% Fibo. support near $1273 area

   •  The precious metal extended last week's bearish break through confluence support and fell to over two-week lows on the first trading day of a new week.

   •  The mentioned support comprised of 4-hourly 100-period SMA and the lower end of a near one-week-old trading range, forming a rectangular chart pattern.

   •  A subsequent bearish acceptance below 23.6% Fibo. level of the $1232.95-$1298.56 confirmed that the commodity might have already topped out in the near-term.

   •  Oscillators on hourly charts are holding in the negative territory and have also started losing positive momentum on the daily chart, adding credence to the bearish bias.

   •  Hence, a follow-through weakness below the $1277-76 region should pave the way for further near-term downfall towards 38.2% Fibo. level support near the $1273 region.

Gold 4-hourly chart