Gold Technical Analysis: Pullback from 50% Fibonacci retracement highlights 2-week old supportline near $1300

• Gold trades near $1305 on early Wednesday.
• The yellow metal recently reversed from 50% Fibonacci retracement of its January 24 to February 20 upmove, which in turn can drag the quote towards an upward sloping supportline stretched since March 07, at $1300 now.
• Should prices decline under $1300, the $1297 can offer immediate rest ahead of dragging them to multiple support area around $1291/90.
• In a case where prices slid under $1290, $1281 and January month low near $1276.70 may flash on seller’s radar.
• On the flip side, a successful break of $1311 could escalate the recovery in a direction to $1316 whereas $1321 and $1331 entertaining the buyers then after.
• Though, $1332.80 - $13333 horizontal area may limit the upside beyond $1331 if not then $1341 and $1347 can take their place on the chart.

Gold 4-Hour chart