• The precious metal remained under some selling pressure for the third consecutive session on Monday, with bears now eyeing a follow-through weakness below 100-day SMA for the first time since mid-Nov. 2018.
• A convincing break through the mentioned support, leading to a subsequent slide below $1280 horizontal zone would mark a bearish breakdown and pave the way for an extension of the depreciating move.
• Technical indicators on hourly charts maintained their bearish bias and have just started gaining negative momentum on the daily chart, further reinforcing/adding credence to the near-term bearish outlook.
• Hence, any attempted rebound might now be seen as an opportunity to initiate some fresh bearish positions for an eventual downside target of $1260 with some intermediate support near the $1275 and $1268-66 regions.
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