Gold Technical Analysis: Continues scaling multi-month tops, move towards $1320 looks a distinct possibility

   •  The precious metal built on last week's bullish breakthrough the key $1300 psychological mark and continued scaling fresh multi-month tops through the mid-European session on Tuesday.

   •  The recent occurrence of a golden cross on the daily chart, wherein 50-day SMA crossed above 200-day SMA, clearly indicates and remained supportive of the ongoing bullish momentum. 

   •  Technical indicators on the mentioned chart maintain their positive bias and are still far from being in the overbought territory, supporting prospects for an extension of the bull market. 

   •  A follow-through move beyond June 2018 swing high now seems to have opened room for a further near-term appreciating move towards challenging the $1320 horizontal supply zone.

Gold daily chart