Gold technical analysis: Hold above 100-hour SMA pivotal point, set-up remains in favour of bullish traders

• Having formed a firm base near 100-hour SMA, Gold edged higher on Friday but lacked any strong follow-through on the first day of a new trading week. 
• The yellow metal remained below a resistance marked by a short-term descending trend-line, which should act as a key trigger point for bullish traders.

The mentioned trend-line, along with another ascending trend-line constituted towards the formation of a symmetrical triangle on short-term charts. Against the backdrop of the recent upsurge since late-May, the triangle marks a pause in the trend and might now be categorized as a bullish continuation - Pennant chart pattern.

Meanwhile, technical indicators on 4-hourly/daily charts maintained their bullish bias and further reinforce the constructive set-up, though have struggled to gain positive traction on the 1-hourly chart and seemed to be the only factor holding investors from placing fresh bullish bets.

A convincing break through the triangle resistance, currently near the $1422 region, will set the stage for a move beyond the $1438-40 area - the recent multi-year tops, and lift the precious metal further towards testing its next major hurdle near the $1480 zone ahead of the key $1500 psychological mark.

On the flip side, any meaningful slide below 100-hour SMA support - currently near the $1407 region, might drag the commodity back below the $1400 handle but is more likely to attract some decent buying interest near the triangle support - around the $1390-89 area.

Failure to defend the mentioned support will negate any near-term bullish bias and confirm that the commodity might have actually topped out in the near-term, setting the stage for a further depreciating move back towards testing the $1348-46 horizontal support zone.

Gold 1-hourly chart