Gold Technical Analysis: Bulls remain in control, now targeting 50% Fibo. resistance around $1313 area

   •  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