Gold has successfully maintained its upward trajectory after reaching an all-time high earlier this evening. The price structure is still firmly positioned within a bullish channel, characterized by consistent higher highs (HH) and higher lows (HL) accompanying the rally. This situation indicates that the buyers remain firmly in control, while selling pressure has yet to become substantial enough to disrupt the upward trend. The zigzag pattern aligning with the price movements further reinforces a healthy trend, suggesting that the short-term outlook for Gold continues to indicate strength.
Additional support is provided by technical indicators, where the Moving Average (MA) positioned below the price confirms the upward trend, while a positive MACD strengthens the bullish signal. This combination of technical factors creates opportunities for Gold to continue its upward movement, with the potential to test higher resistance levels in the near future. As long as the bullish channel structure remains intact, Gold has a significant chance to sustain its rally and potentially set new records.
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Gold continues to move within a bullish channel on the 15-minute timeframe, accompanied by strong technical support signals. The Moving Average (MA) is still trending upwards, while the zigzag pattern maintains a consistent uptrend structure. With this momentum, Gold has a favorable opportunity to continue rising and test critical resistance at the $3,673 area as the nearest target.
Technical Reference: buy as long as above 3,620
Potential Take Profit 1: 3,663
Potential Take Profit 2: 3,673
Potential Stop Loss 1: 3,630
Potential Stop Loss 2: 3,620
