Gold Technical Analysis: Path of least resistance is on the upside, sustained move beyond 100-hour SMA awaited

•  The precious metal extended its sideways consolidative price action and remained capped below 100-hour SMA for the third consecutive session.

•  Technical indicators on hourly charts have just started gaining positive momentum, albeit modestly, and maintained their bullish bias on the daily chart.

•  The constructive set-up is further reinforced by an upward sloping trend-line, which has been limiting any downticks since the beginning of this week.

•  Hence, the path of least resistance is on the upside, though bulls are likely to wait for a sustained move beyond 100-hour SMA before placing aggressive bets.

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