Gold Technical Analysis: Bulls await a convincing breakthrough $1216-17 strong barrier

   “¢   The precious metal traded with a mild positive bias for the fourth consecutive session on Friday, albeit seemed struggling to build on its positive move beyond the $1216-17 strong resistance.  

   “¢   The mentioned hurdle, representing 50% Fibonacci retracement level of $1237-$1196 recent downfall and nearing 200-hour SMA, has been capping the up-move over the past three trading session.

   “¢   Meanwhile, technical indicators on the daily chart are yet to catch up with the recent up-move, albeit remained supportive for a follow-through positive momentum on the hourly chart.  

   “¢   Hence, it would be prudent to wait for a convincing breakthrough the mentioned $1216-17 barrier before traders start positioning for any subsequent appreciating move in the near-term.  

   “¢   Alternatively, a rejection slide from the current resistance zone is likely to prompt some fresh weakness back towards 100-hour SMA/23.6% Fibonacci retracement level confluence support.
 

Gold 1-hourly chart