Gold Technical Analysis: On offers for the second straight session, slightly oversold conditions warrant some caution

   •  The precious metal extended previous session's bearish breakthrough near one week old ascending trend-line support and kept losing ground at the start of a new trading week. 

   •  A subsequent fall below 100-hour SMA, coinciding with 23.6% Fibo. level of the $1277-$1326 recent upsurge was seen as a key trigger behind today's follow-through weakness.

   •  Technical indicators on the 4-hourly chart have just started gaining negative momentum but are already pointing to slightly oversold conditions on the 1-hourly chart.

   •  Moreover, bullish oscillators on the daily chart further warrant caution before initiating any fresh bearish positions amid absent relevant market moving economic releases.

   •  Hence, it would be prudent to wait for a sustained break below the key $1300 psychological mark in order to confirm that the commodity might have already topped out in the near-term. 

Gold 1-hourly chart