Gold Technical Analysis: remains vulnerable to slide further

London (July 2)  Friday's modest recovery attempts failed ahead of 100-hour SMA, with a goodish pickup in the USD demand prompting some fresh selling at the start of a new trading week.

   •  The formation of a downward sloping trend-channel on the 1-hourly chart clearly seems to suggest that the near-term bearish trajectory might still be far from over.

   •  Given that short-term technical indicators are holding in neutral territory, the commodity's inability to benefit from reviving safe-haven demand further reinforces the negative outlook.

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