Gold Technical Analysis: Near-term set-up remains tilted in favour of bearish traders

Gold failed to capitalize on its early attempted recovery move and has now slipped back to the lower end of its daily trading range, well within the striking distance of over one-month lows set in the previous session.
 
The overnight slump dragged the commodity below the $1475 confluence support – comprising of 100-day SMA and the lower band of a one-month-old trading range – and confirmed a near-term bearish breakdown.
 
However, slightly oversold conditions helped the commodity to find some support near October monthly swing lows, around the $1460 region, which coincides with 61.8% Fibonacci level of the $1400-$1557 positive move.
 
Meanwhile, technical indicators on the daily chart maintained their bearish bias and support prospects for an extension of the downfall, though bears are likely to wait for a sustained weakness below the $1460 support area.
 
Below the mentioned support, the commodity is likely to accelerate the slide further towards a previous strong horizontal resistance near the $1436 horizontal level with some intermediate support near the $1447-45 region.
 
On the flip side, the overnight confluence support breakpoint, around the $1475 region, now seems to act as immediate strong resistance and any subsequent recovery is likely to remain capped near the $1480 horizontal level.

Gold daily chart