Gold Technical Analysis: Builds on overnight late bounce, bulls eyeing a move beyond 200-hour SMA

   •  The precious metal regained positive traction on Tuesday and built on the overnight bounce from ascending trend-line support, extending from Jan. 25/28 through lows set on Feb. 7.

   •  Today’s up-move marked a positive day for the third session in the previous four, with bulls now looking to extend the momentum further beyond 200-hour SMA and the $1315-16 supply zone.

   •  Technical indicators on hourly/daily charts have managed to regain positive traction and support prospects for an extension of the intraday positive momentum amid a modest USD pull-back.

   •  Traders, however, are likely to wait for a sustained move beyond the mentioned hurdle before placing any aggressive bullish bets for a move back towards $1326 area- nine-month tops set in Jan.

Gold 1-hourly chart