Gold technical analysis: Bears await a sustained break below $1475 confluence support

Gold seemed struggling to build on its attempted intraday recovery move and remained well within the striking distance of three-week lows set in the previous session.
 
This is closely followed by support near the $1475 region, marking the lower end of a one-month-old broader trading range and also coinciding with 100-day SMA.
 
Given the recent failure near the trading range resistance, the overnight fall – the biggest single-day drop since September 25 –points to renewed selling interest.
 
Meanwhile, oscillators on the daily chart maintained their bearish bias and have also recovered from overbought conditions on hourly charts, reinforcing the bearish bias.
 
However, traders are likely to wait for a sustained breakthrough the trading range support before positioning aggressively for any subsequent near-term depreciating move.
 
Below the mentioned support, the commodity is likely to accelerate the fall further towards challenging October monthly swing lows support near the $1460-59 region.
 
The downward trajectory could further get extended towards $1450-48 horizontal support, which if broken might pave the way for an extension of the recent corrective slide.
 
On the flip side, any meaningful recovery attempt now seems to confront some fresh supply near 50-day SMA support breakpoint – around the key $1500 psychological mark.

Gold daily chart