Gold price bulls await acceptance above 100-period SMA on 4-hour before placing fresh bets

From a technical perspective, Tuesday’s goodish rebound from the 61.8% Fibonacci retracement level of the recent recovery and the subsequent strength favor bullish traders. That said, oscillators on the daily chart are yet to confirm a positive bias and suggest that the move up is more likely to confront stiff resistance near the 100-period Simple Moving Average (SMA) on the 4-hour chart. The said barrier is pegged near the $2,645 region, above which the Gold price could climb further towards the $2,665 area en route to the $2,677-2,678 hurdle before aiming to reclaim the $2,700 round figure. On the flip side, the $2,624-2,622 region could offer some support ahead of the $2,600 mark. A convincing break below the latter will be seen as a fresh trigger for bearish traders and expose the 100-day SMA, around the $2,569-2,568 zone. This is followed by the monthly swing low, around the $2,537-2,536 area. Failure to defend the said support levels will be seen as a fresh trigger for bearish traders and set the stage for the resumption of the corrective decline from the $2,800 neighborhood, or the all-time peak touched in October.