Gold traded lower on Wednesday and hit again the support zone of 1225 (S1). The metal is trading below the downtrend line taken from the peak of the 11th of March, something that keeps the door open for further declines. However, I prefer to maintain my “wait and see stance” as another dip below 1225 (S1) is the move that will make me confident on more bearish extensions. Such a break could initially challenge again the 1210 (S2) hurdle. Our daily oscillators have turned bearish again, keeping the odds alive for a dip below 1225 (S1). The RSI fell back below its 50 line, while the MACD has topped, turned negative and could fall below its trigger line soon. Switching to the daily chart, I see that the dip below 1225 (S1) on the 23rd of March has signaled the completion of a failure swing top formation. However, the move back above the 1225 (S1) line makes me take the sidelines as far as the broader trend is concerned as well.