Gold Technical Analysis: Descending channel/200-hour SMA confluence region to cap goodish intraday bounce

   •  The precious metal reversed an early dip to over one-week lows and refreshed session tops, around the $1310 region in the last hour amid reviving safe-haven demand.

   •  Oversold conditions on the 1-hourly chart triggered the intraday short-covering bounce from support marked by the lower end of a short-term descending trend-channel.

   •  Technical indicators on the mentioned chart have moved into the positive territory and remained supportive, though mixed oscillators on 4-hourly/daily charts warrant caution.

   •  Hence, any subsequent up-move seems more likely to run out of steam, rather meet with some aggressive supply near the trend-channel resistance, coinciding with 200-hour SMA.

Gold 1-hourly chart