Gold Technical Analysis: Recovery attempts are likely to get sold into

•  The commodity once again managed to bounce off the $1218 horizontal zone and was being supported by weaker USD/US Treasury bond yields. •  Subsequent up-move, however, is likely to confront stiff resistance near a confluence resistance, comprising of a short-term descending trend-line and 50-hour SMA.    •  Technical indicators on the 1-hourly chart hold in negative territory and hence, the uptick might be seen as an opportunity to initiate fresh short positions.

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