Gold Technical Analysis: Hits 1-month low, weakness below $1210 to accelerate the downfall

   •  The precious metal extended its bearish slide for the sixth consecutive session and dropped to near one-month lows after hotter than expected US PPI figures.

   •  On the daily chart, the commodity has struggled to sustain above $1235 horizontal zone on closing basis, forming a bearish double-top chart pattern. 

   •  Sustained weakness below the $1212-10 horizontal zone, leading to a subsequent breakthrough 100-day SMA support, will confirm a near-term bearish breakdown.

   •  Technical indicators on the daily chart have also started gaining negative momentum and add credence to the near-term bearish set-up on the daily chart.
 

Gold daily chart