Gold Technical Analysis: Break below key technical levels opens room for a retest of $1300 mark

   •  The precious metal extended this week's retracement slide from near one-month tops and remained under some selling pressure for the third consecutive session on Thursday.

   •  The downward trajectory dragged the commodity below 200-hour SMA and towards confirming a near-term bearish break below a three-week-old ascending trend-channel formation.

   •  Technical indicators have been losing traction on the daily chart and also gaining negative momentum on hourly charts, suggesting increasing near-term selling pressure.

   •  The set-up has now turned in favour of bearish traders and hence, a follow-through weakness, back towards challenging the $1300 mark, now looks a distinct possibility.

Gold 1-hourly chart