Gold Price Analysis: Bulls in control near weekly tops, above $1735 level

• Gold breaks through a key pivotal resistance near the $1730 region.
• The stage seems set for a move towards retesting $1745 supply zone.
• Some follow-through buying might pave the way to multi-year tops.

Gold maintained its bid tone through the early North American session and was last seen trading near weekly tops, just above the $1735 level.

The fact that the commodity has managed to find acceptance above the $1730 pivotal level supports prospects for additional gains. This comes on the back of the emergence of dip-buying near a short-term ascending trend-line support and adds credence to the constructive outlook.

Meanwhile, technical indicators on hourly/daily charts have again started gaining some positive traction, which further reinforces the near-term bullish outlook. Hence, a subsequent positive move back towards monthly tops, around the $1745 region, now looks a distinct possibility.

Some follow-through buying should continue fueling the momentum and assist the yellow metal to aim to retest multi-year tops, around the $1765 region, set on May 18.

On the flip side, the $1730 horizontal resistance breakpoint now seems to protect the immediate downside. Any subsequent slide might still be seen as a buying opportunity. This should help limit the fall near the mentioned trend-line support, currently near the $1724-22 area.

Gold 4-hourly chart

Technical levels to watch