“¢ The precious metal once again showed some resilience and managed to recover early lost ground to a support marked by 38.2% Fibonacci level of the $1196-$1347 upsurge.
“¢ The mentioned support is closely followed by 100-day SMA, around the $1280 region, and might now act as a key pivotal point for the commodity’s next leg of a directional move.
“¢ The intraday uptick got an additional boost after the disappointing release of US monthly retail sales for February and remained supported by bullish oscillators on the 1-hourly chart.
“¢ However, technical indicators on 4-hourly/daily charts maintained their bearish bias and might keep a lid on any strong follow-through momentum, at least for the time being.
“¢ Hence, any subsequent up-move seems more likely to meet with some fresh supply, rather remain capped near the key $1300 psychological mark amid the prevalent risk-on mood.
Gold daily chart
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