Gold Technical Analysis: Set-up favors an extension of the intraday positive move

   •  A fresh wave of global risk-aversion trade helped the precious metal staged a goodish bounce on Thursday and recover around 50% of the overnight slide to 1-1/2 week lows.

   •  The momentum lifted the commodity through 23.6% Fibo. level of the $1346-$1317 recent downfall, with bulls now eyeing a further appreciating move towards 100-hour SMA.

   •  Technical indicators on the 1-hourly chart have just started gaining positive traction and maintained their bullish bias on the daily chart, supporting prospects for additional gains.

   •  The set-up points to an extension of the positive momentum towards testing 38.2% Fibo. level resistance, around the $1328-30 region ahead of the Q4 US GDP figures.

Gold 1-hourly chart