The price of Gold continues to display significant potential for upward movement, as evidenced by the ongoing formation of Higher High (HH) and Higher Low (HL) patterns. This scenario indicates that the strength of bidders remains more robust compared to that of sellers. Technical indicators, such as the ZigZag, further confirm the persistence of an uptrend, reinforcing the belief that bullish momentum is still intact.
In addition, the bullish signals generated by the Moving Average (MA) and the consistently positive MACD serve to bolster the likelihood of Gold price increases, particularly on the one-hour chart. As long as this upward pattern persists, Gold’s potential to continue its bullish trend remains wide open, prompting market participants to closely watch the nearest resistance levels as critical benchmarks going forward.
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A bullish channel continues to support Gold’s price movements, where the established uptrend through the ZigZag indicator and the consistently bullish MA opens doors for further increases. This momentum suggests the possibility of testing important resistance levels around $3,423 on the 15-minute timeframe, thus keeping the upward direction valid as long as prices hold above the nearest support.
Technical Reference: buy when above 3,394
Potential Take Profit 1: 3,418
Potential Take Profit 2: 3,423
Potential Stop Loss 1: 3,3398
Potential Stop Loss 2: 3,394
