Gold technical analysis: Tests 23.6% Fibo./200-hour SMA confluence region ahead of US GDP

• Gold regained some positive traction on Friday and recovered a part of the previous session's slide to over one-week lows.
• The intraday positive momentum has now lifted the precious metal back above the $1420 level and closer to 200-hour SMA. 

The mentioned region also coincides with 23.6% Fibo. level of the recent pullback from multi-year tops and should now act as a key pivotal point for short-term traders. Meanwhile, oscillators on the daily chart maintained their bullish bias and have again turned positive on the 1-hourly chart, supporting prospects for additional gains.

Hence, a sustained move beyond the mentioned confluence region will be seen as a key trigger for intraday bullish traders and set the stage for a move back towards testing the $1430 horizontal resistance en-route weekly tops – around the $1433-34 region set in the previous session.

Alternatively, failure near the current resistance zone – most probable in the event of any positive surprise from Friday’s important release of the advance US GDP report, might now turn the commodity to break through the overnight swing low – around the $1411 level, and head towards challenging the key $1400 psychological mark.

Gold 1-hourly chart