Gold gains traction near 200-hour SMA/ascending trend-line confluence support. The technical set-up seems tilted in favour of bullish traders amid softer risk tone. Gold edged higher through the mid-European session on Thursday and is currently placed near the top end of a two-day-old trading range, just below the $1650-51 region. The recent positive move has been along a short-term ascending trend-line, which now coincides with 200-hour SMA and should act as a key pivotal point for traders. Meanwhile, oscillators on the 1-hourly chart have just started gaining traction and support prospects for additional gains amid some renewed weakness in equity markets. The near-term construction outlook is further reinforced by the fact that technical indicators on 4-hourly/daily charts have been holding comfortably in the bullish territory. However, it will be prudent to wait for a sustained strength above weekly swing high resistance near the $1652-53 region, before positioning for any further appreciation. Above the mentioned barrier, the commodity is likely to surpass the $1660 supply zone and aim back towards challenging multi-year tops, around the $1689 region. Gold 1-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Price Analysis: XAU/USD surges to new weekly highs amid California’s coronavirus emergency FX Street 3 years Gold gains traction near 200-hour SMA/ascending trend-line confluence support. The technical set-up seems tilted in favour of bullish traders amid softer risk tone. Gold edged higher through the mid-European session on Thursday and is currently placed near the top end of a two-day-old trading range, just below the $1650-51 region. The recent positive move has been along a short-term ascending trend-line, which now coincides with 200-hour SMA and should act as a key pivotal point for traders. Meanwhile, oscillators on the 1-hourly chart have just started gaining traction and support prospects for additional gains amid some renewed weakness in equity… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.