Gold technical analysis: Set-up remains in favour of bullish traders, dip-buying to help the downside

• Gold failed to capitalize on the early uptick to weekly tops and dropped to fresh session tops in reaction to hotter-than-expected US core CPI print.
• Weakness below 23.6% Fibo. level of this week's up-move from the $1385 region to $1419 area was seen as a key trigger for intraday bearish traders. 

However, the intraday downtick managed to find some support near 38.2% Fibo., which should now act as a key pivotal point for the precious metal's next leg of any meaningful intraday momentum.

Meanwhile, the occurrence of a Golden Cross on the 1-hourly chart - 50-hour SMA crossing above 200-hour SMA, remains tilted in favour of bullish traders and support prospects for a further appreciating move. 

Moreover, technical indicators on hourly/daily charts have managed to hold in the positive territory, further reinforcing the constructive outlook and suggesting some dip-buying interest at lower levels.

Hence, any subsequent slide below daily lows is more likely to remain limited and attract some fresh buying near the $1407 confluence region - comprising of 50-hour SMA and 50% Fibo. level.

Gold 1-hourly chart