“¢ The precious metal lacked any firm directional bias on Tuesday, albeit continued showing some resilience below 200-hour SMA amid the prevailing risk-off environment.
“¢ Oscillators on hourly charts have been gaining positive traction and also recovered from the negative territory on the daily chart, supporting prospects for additional gains.
“¢ However, traders are more likely to wait for a sustained move beyond the $1287-88 supply zone before positioning for a move towards the key $1300 psychological mark.
“¢ Meanwhile, a decisive break below the mentioned support, around the $1280 region, might negate the constructive set-up and trigger some aggressive technical selling.
Gold 1-hourly chart
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