Gold Technical Analysis: Short-term ascending trend-line favor further upside to 50% Fibonacci around $1311.50, $1316

• Gold trades near $1308 while heading towards European session on Tuesday.
• The Bullion recently bounced off an immediate ascending support-line stretched since March 07, indicating further upside to 50% Fibonacci retracement of its January 24 – February 20 advances, around $1311.50.
• Though, a horizontal-region comprising multiple highs marked during early February may limit the quote’s additional rise at $1316.
• In a case prices rally past-$1316, $1321 and $1330 could entertain buyers ahead of shifting market attention to $1333 horizontal-line.
• On the flipside, the aforementioned trend-line at $1299 seems immediately important as a break of which can fetch the yellow metal to $1291-90 support area.
• Given the bears’ command over momentum under $1290, January month low near $1276.80 might appear in the spotlight.

Gold 4-Hour chart