Gold Price Analysis: Bulls remain in control near 2-week tops, around $1640 region

• Gold continued scaling higher for the fourth straight day and climbed to near two-week tops.
• The technical set-up seems tilted in favour of bulls and supports prospects for additional gains.

Gold gained positive traction for the fourth consecutive session on Monday and climbed to near two-week tops, around the $1638 region during the mid-European session.

Last week’s sustained move beyond 100-hour SMA and a subsequent break through a one-month-old descending trend-line hurdle were seen as a key trigger for bullish traders.

The momentum was further supported by the fact that oscillators on the daily chart have just started moving in the positive territory and maintained their bullish bias on hourly charts.

Some follow-through buying beyond the $1644 supply zone will reinforce the constructive set-up and pave the way for further appreciating move towards the $1658-60 resistance.

On the flip side, any meaningful pullback now seems to find some support near the $1620 horizontal zone, below which the slide could further get extended towards the $1604 region.

The latter coincides with the mentioned confluence resistance break-point, which could act as a strong base for the commodity and help determine the next leg of a directional move.

Gold 1-hourly chart

Technical levels to watch