Gold Price Analysis: Bears challenge 100-period SMA support on 4-hourly chart

• Gold drifts lower through the mid-European session on Thursday.
• Bears now await a break below weekly lows, around $1546 region.

Gold failed to capitalize on the overnight intraday bounce and started retreating from the vicinity of a one-week-old ascending trend-channel support breakpoint.

The commodity edged lower through the mid-European session and is currently placed near 100-period SMA support on the 4-hourly chart, around the $1553 region.

Some follow-through selling, leading to a subsequent weakness below weekly lows – around the $1546 region – might now be seen as a key trigger for bearish traders.

The precious metal then might extend its recent pullback from multi-year tops and accelerate the slide further towards monthly swing lows support near the $1536-35 region.

The downward trajectory could further get extended towards a previous strong horizontal resistance breakpoint, now turned support near the $1515-14 zone.

On the flip side, the mentioned support-turned-resistance, around the $1564-65 region might continue to act as an immediate hurdle ahead of $1568-69 area (weekly tops).

Gold 4-hourly chart