• Gold enters 2,000 territory again

• Technical signals remain bullish, but might be weakening

Gold prices are looking to resume its bullish trend after the rebound off the 1,932 support level and the climb above the 20- and the 50-period simple moving averages (SMAs).

The market structure is positive in the short-term picture as the price keeps fluctuating above the rising trend line. Hence, even if downside pressures resume, the commodity would remain attractive unless it drops below the 1,993 barrier and the 20-period SMA at 1,987. More importantly, a decline beneath the uptrend line around 1,980 would switch the bias to bearish.

In the event the price stays resilient above the 1,993 support, the bulls might push for a close above the three-week high of 2,008. Therefore, a successful move higher could immediately shift the attention to the 2,022 peak, achieved on May 15.

Technically, the bulls are still in town as the RSI is still clearly above its 50 neutral mark, although it appears to be flatlining, while the MACD oscillator is still extending its upside momentum above its trigger and zero lines.

In a nutshell, the yellow metal may remain supported in the coming sessions if the ascending trend line proves to be strong enough.