Gold Technical Analysis: Resilient below 200-hour SMA, bulls await a sustained move beyond $1287-88 supply zone

   •  The precious metal lacked any firm directional bias on Tuesday, albeit continued showing some resilience below 200-hour SMA amid the prevailing risk-off environment.

   •  Oscillators on hourly charts have been gaining positive traction and also recovered from the negative territory on the daily chart, supporting prospects for additional gains.

   •  However, traders are more likely to wait for a sustained move beyond the $1287-88 supply zone before positioning for a move towards the key $1300 psychological mark.

   •  Meanwhile, a decisive break below the mentioned support, around the $1280 region, might negate the constructive set-up and trigger some aggressive technical selling.

Gold 1-hourly chart