Gold Price Analysis: Bulls remain in control near multi-year tops, just above $1800 mark

• Gold added to its intraday gains further beyond the key $1800 psychological mark.
• Bulls might now wait for a modest pullback to $1790 level before placing fresh bets.

Gold edged higher through the mid-European session on Wednesday and climbed further beyond the $1800 mark, hitting fresh multi-year tops in the last hour.

Acceptance above the mentioned level might be seen as a fresh trigger for bullish traders and supports prospects for additional gains. However, slightly overbought conditions on hourly/daily charts warrant some caution for aggressive bullish traders.

Moreover, the commodity is currently placed near an ascending trend-line, extending from August 2019. This makes it prudent to wait for a modest pullback towards the previous swing high, around the $1790 area before placing fresh bullish bets.

That said, a convincing breakthrough the mentioned trend-line hurdle should set the stage for a further near-term appreciating move. The commodity might then aim to test late September 2019 swing highs, around the $1827 region.

Conversely, sustained weakness below the $1790 zone might prompt some technical selling and accelerate the corrective slide further towards the $1750 horizontal level. An intermediate support is pegged near the $1768-67 region.

Gold daily chart

Technical levels to watch