Gold technical analysis: Near-term bias might have already shifted in favour of bearish traders

• Negative RSI divergence suggests that a near-term top has already been formed.
• The overnight break below an ascending channel reinforces the bearish outlook.
• Sustained weakness below $1520 support should pave way for further declines.

Gold extended its sideways consolidative price action through the mid-European session on Friday and remained confined in a narrow trading band near the lower end of its weekly trading range, below the $1530 level.
 
Spot prices, so far, have managed to defend a support marked by 23.6% Fibo. level of the $1400-$1555 recent upsurge to multi-year lows around the $1520-18 region, which should act as a key trigger point for bearish traders.
 
Given a negative RSI divergence on the daily chart, the overnight slide below a short-term ascending trend-channel formation on hourly charts clearly suggests that the precious metal might have already topped out in the near-term.
 
The set-up seems to have shifted in favour of bearish traders and the negative outlook will further be reinforced on a sustained break through the mentioned support, which should pave the way for an extension of the corrective slide.
 
Below the mentioned support, Gold is likely to accelerate the fall towards the $1510-09 intermediate support en-route the key $1500 psychological mark and the next major support near 38.2% Fibo. level - around the $1495 region.
 
On the flip side, attempted bounce might now confront some fresh supply and seems more likely to remain capped at the ascending trend-channel support breakpoint - near the $1535-40 region - coinciding with 50-hour SMA.

Gold 1-hourly chart