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.

Haresh Menghani FXStreet

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

XAU/USD

Overview
Today last price	1464.42
Today Daily Change	23.72
Today Daily Change %	1.65
Today daily open	1440.7

Trends
Daily SMA20	1420.4
Daily SMA50	1382.38
Daily SMA100	1335.94
Daily SMA200	1303.27

Levels
Previous Daily High	1455.8
Previous Daily Low	1430.4
Previous Weekly High	1455.8
Previous Weekly Low	1400.9
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1440.1
Daily Fibonacci 61.8%	1446.1
Daily Pivot Point S1	1428.8
Daily Pivot Point S2	1416.9
Daily Pivot Point S3	1403.4
Daily Pivot Point R1	1454.2
Daily Pivot Point R2	1467.7
Daily Pivot Point R3	1479.6

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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