The price of Gold has once again demonstrated resilience in its bullish trend following a brief correction at the start of the trading session. The rebound observed during the European session suggests that buyers are still firmly in control of the market direction. The price continues to move within a well-maintained bullish channel, with the Moving Average (MA) showing an upward trend, providing additional support. This situation reinforces the notion that the previous selling pressure was merely temporary and more of a healthy correction within an ongoing bullish trend.
From a technical perspective, the ZigZag pattern on the 1-hour time frame consistently forms higher highs (HH) and higher lows (HL), characteristic of a sustained bullish trend. This structure indicates that the strengthening momentum remains robust, with the price poised for further increases toward the next resistance level. Backed by the bullish channel, the strengthening MA, and a consistent ZigZag pattern, the short-term outlook for Gold remains optimistic with potential for additional gains.
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In the 15-minute chart, Gold continues to uphold its uptrend potential, with prices moving within the bullish channel, supported by the ZigZag structure that indicates rising movements and a consistently upward-moving Moving Average (MA); during the US session tonight, the possibilities for strengthening are widening with a goal of testing crucial resistance around $3,568.
Technical Reference: Buy while above 3,514
Potential Take Profit 1: 3,560
Potential Take Profit 2: 3,568
Potential Stop Loss 1: 3,524
Potential Stop Loss 2: 3,514
