Gold Price Analysis: Bulls remain in control near multi-year tops, just above $1800 mark
|- Gold added to its intraday gains further beyond the key $1800 psychological mark.
- Bulls might now wait for a modest pullback to $1790 level before placing fresh bets.
Gold edged higher through the mid-European session on Wednesday and climbed further beyond the $1800 mark, hitting fresh multi-year tops in the last hour.
Acceptance above the mentioned level might be seen as a fresh trigger for bullish traders and supports prospects for additional gains. However, slightly overbought conditions on hourly/daily charts warrant some caution for aggressive bullish traders.
Moreover, the commodity is currently placed near an ascending trend-line, extending from August 2019. This makes it prudent to wait for a modest pullback towards the previous swing high, around the $1790 area before placing fresh bullish bets.
That said, a convincing breakthrough the mentioned trend-line hurdle should set the stage for a further near-term appreciating move. The commodity might then aim to test late September 2019 swing highs, around the $1827 region.
Conversely, sustained weakness below the $1790 zone might prompt some technical selling and accelerate the corrective slide further towards the $1750 horizontal level. An intermediate support is pegged near the $1768-67 region.
Gold daily chart
Technical levels to watch
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