Gold Technical Analysis: On offers for the second straight session, corrects further from 1-month tops

   •  The precious metal stalled its recent positive move and started correcting from a resistance marked by the top end of a short-term ascending trend-channel formation.

   •  The corrective slide from one-month tops extended for the second consecutive session on Wednesday, albeit managed to find some support ahead of the overnight swing low. 

   •  The mentioned support coincides with 50% Fibonacci retracement level of the $1347-$1281 recent downfall and now seems to act as a key pivotal point for intraday traders. 

   •  Any subsequent slide could further get extended towards testing the trend-channel support, currently near the $1309 region, which if broken might negate any near-term positive bias.

Gold 4-hourly chart