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   “¢   The precious metal built on its recent bullish trajectory from six-week lows and continued gaining traction on Wednesday, marking the third day of positive momentum in the previous four.

   “¢   The overnight sustained move above a confluence resistance – comprising of 200-hour SMA and 23.6% Fibo. level of the $1347-$1280 recent downfall was seen as a key trigger for bullish traders.

   “¢   The fact that the commodity has found acceptance above 38.2% Fibo. level support prospects for further up-move, though slightly overbought conditions on hourly charts might cap gains.

   “¢   Meanwhile, oscillators on the daily chart have just started gaining positive momentum and might prompt dip-buying interest for a move towards 50% Fibo. level around the $1313-14 region.

Gold 1-hourly chart


       Today Last Price:  1308.16
       Today Daily change %:  0.53%
       Today Daily Open:  1301.3
       Daily SMA20:  1311.59
       Daily SMA50:  1303.15
       Daily SMA100:  1269.06
       Daily SMA200:  1238.14
       Previous Daily High:  1302.15
       Previous Daily Low:  1292.97
       Previous Weekly High:  1300.7
       Previous Weekly Low:  1280.1
       Previous Monthly High:  1346.85
       Previous Monthly Low:  1300.1
       Daily Fibonacci 38.2%:  1298.64
       Daily Fibonacci 61.8%:  1296.48
       Daily Pivot Point S1:  1295.46
       Daily Pivot Point S2:  1289.63
       Daily Pivot Point S3:  1286.28
       Daily Pivot Point R1:  1304.64
       Daily Pivot Point R2:  1307.99
       Daily Pivot Point R3:  1313.82