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  • Gold attracted some dip-buying near the $1930 area and refreshed session tops in the last hour.
  • The intraday technical set-up supports prospects for an extension of the intraday positive move.

Gold built on its steady intraday positive move and climbed to fresh daily tops, around the $1960-62 region during the early North American session. The prevalent selling bias around the USD extended some support to the dollar-denominated commodity. Adding to this, a sustained move back above 100-hour SMA was also seen as a key trigger for intraday bullish traders.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have been gaining positive traction on the 1-hourly chart. The set-up supports prospects for an extension of the intraday positive move. Hence, a subsequent positive move beyond the $1966 intermediate hurdle, en-route the next major hurdle near the $1980 horizontal zone, looks a distinct possibility. However, the upbeat market mood warrants some caution for bulls.

On the flip side, the $1945 level now seems to protect the immediate downside. This is followed by support near the daily swing lows, around the $1930-29 region, which if broken decisively will negate any near-term positive bias. The commodity might then accelerate the fall towards the $1907 intermediate support before eventually dropping below the key $1900 round-figure mark. Bears might then aim to retest last week’s swing low, around the $1863-62 region.

Gold 1-hourly chart


Technical levels to watch