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.