Gold Technical Analysis: Rebounds sharply from 200-hour SMA, bulls retake $1300 mark and beyond

   •  The precious metal stalled its overnight sharp retracement slide from 1-1/2 week tops and managed to find decent support/regain positive traction near 200-hour SMA.

   •  The mentioned region coincides with 61.8% Fibonacci retracement level of the $1280-$1313 recent up-move and should now act as a key trigger for bearish traders.

   •  The intraday positive momentum lifted the commodity back above the key $1300 psychological mark, with bulls now eyeing a move towards testing 23.6% Fibo. level.

   •  Oscillators on hourly charts have just started gaining traction and support prospects for additional gains, though remained in the bearish territory on the daily chart and warrant caution. 

   •  Hence, any subsequent up-move seems more likely to meet with some fresh supply and remain capped near the $1310 region – a support break-point now turned resistance. 

Gold 1-hourly chart