Gold Technical Analysis: Bulls looking to build on recovery momentum beyond 100-hour SMA

   •  The precious metal looks to build on the overnight recovery move from 3-1/2 week lows and extend the momentum further beyond 100-hour SMA, which is followed by 23.6% Fibo. level of the $1325-$1285 recent slide.

   •  Technical indicators on the 1-hourly chart have been gaining positive momentum and support prospects for additional gains, though bearish oscillators on 4-hourly/daily charts warrant some before placing any aggressive bids. 

   •  Hence, any subsequent up-move seems more likely to confront some fresh supply near the key $1300 psychological mark (38.2% Fibo. level) and hence, cap gains near 200-hour SMA, currently near the $1303-04 region.

   •  On the flip side, bearish traders are likely to wait for a convincing break through the $1280 support area, coinciding with 100-day SMA, before positioning for a further near-term depreciating move towards $1270-68 region.

Gold 1-hourly chart