- Quickly reverses an early dip and finally breakthrough the recent trading range.
- The set-up seems tilted in favour of bullish traders and point to additional gains.
Gold quickly reversed an intraday dip to 200-hour SMA and climbed two-week tops in the last hour, with bulls looking to extend the momentum beyond the top end of the recent trading range.
Given that technical indicators on hourly charts maintained their bullish bias and also trying to gain traction on the daily chart, the set-up might have already shifted in favour of bullish traders.
A sustained breakthrough a descending trend-line resistance, extending from early September swing highs, will reaffirm the positive outlook and lift the commodity towards the $1506 level.
On the flip side, the $1491-90 region now seems to protect the immediate downside, which if broken might accelerate the slide towards $1483 intermediate support en-route the $1476 region.
Gold 1-hourly chart
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