Gold Price Analysis: Steadily climbs to session tops, further beyond $1600 mark

• Gold built on its intraday positive move and moved beyond 50-hour SMA.
• The technical set-up might have shifted in favour of intraday bullish traders.

Gold edged higher through the mid-European session on Tuesday and is currently placed near the top end of its daily trading range, just above the $1600 round-figure mark.

Over the past two trading session, the precious metal has been attracting some dip-buying near a support marked by a short-term ascending trend-line on the 1-hourly chart.

A subsequent move beyond 50-hour SMA might have shifted the intraday bias back in favour of bullish traders and support prospects for some additional gains for the commodity.

However, it will be prudent to wait for some follow-through buying beyond the overnight swing high, around the $1611 region, before positioning for any further appreciating move.

The latter coincides with 38.2% Fibonacci level of the $1689-$1563 downfall, which should now act as a key pivotal point for the commodity's next leg of a directional move.

Gold 1-hourly chart

Technical levels to watch