Gold Technical Analysis: Recovers further from 3-week lows, bulls aiming for a move beyond $1300 mark

   •  The precious metal stalled this week's sharp retracement slide from near one-month tops and showed some resilience near 38.2% Fibo. level of the $1196-$1347 upsurge. 

   •  This is closely followed by 100-day SMA support, around the $1278 region, and should act as a key pivotal point for the commodity's next leg of a directional move.

   •  Given the recent weakness below the key $1300 psychological mark, coupled with bearish oscillators on the daily chart point to an extension of the depreciating move.

   •  However, it would be prudent to wait for a convincing break through the mentioned support (100-DMA) before traders start positioning for any further downfall. 

Gold daily chart