Gold technical analysis: Bulls in control near multi-year tops, gearing up for a move towards $1500 mark
|- Gold continued scaling higher through the early North-American session on Monday and spiked to fresh multi-year tops, around the $1465 region in the last hour.
- Renewed US-China trade war fears underpinned demand for traditional safe-haven assets and assisted the commodity to build on last week's goodish up-move.
Given that the precious metal managed to defend and witnessed a dramatic turnaround from the $1400 round figure mark, a sustained breakthrough a recent trading range resistance – around the $1448-50 region, was seen as a key trigger for bullish traders.
The trading range constituted towards the formation of a bullish continuation - rectangle chart pattern and with technical indicators on the daily charts holding in the bullish territory, the stage seems all set for an extension of the positive momentum.
The yellow metal seems more likely to extend the ongoing appreciating move further towards $1478-80 intermediate resistance en-route the key $1500 psychological mark for the first time since April 2013 amid the global flight to safety.
Gold daily chart
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