Gold Technical Analysis: Set-up points to an extension of the near-term positive momentum

   •  The precious metal built on last week's bullish breakthrough near two-month-old trading range, albeit now seemed facing some resistance near 50% Fibonacci retracement level of the $1309.30-$1160.19 downfall.

   •  Given that technical indicators on the daily chart have started gaining positive momentum, a follow-through move beyond 100-day SMA, for the first time since late-April, support prospects for additional near-term gains. 

   •  A convincing break through the above-mentioned resistance will reinforce the constructive outlook and pave the way for an extension of the near-term positive momentum towards testing 61.8% Fibo. retracement level.
 

Gold daily chart