This afternoon, Gold prices continue to exhibit a robust potential for an uptick, as they remain within a bullish channel. The formation of Higher High (HH) and Higher Low (HL) patterns as indicated by the Zigzag indicator confirms the sustained uptrend. Additionally, the movement of the Moving Average (MA) in the 1-hour time frame demonstrates an upward trend, reinforcing the indication that buying pressure prevails in the market.
With this technical support, Gold is likely to continue its ascent during the afternoon session. As long as the price remains above a key support area and does not breach the bullish channel downwards, the short-term outlook remains favorable for buyers. This scenario bolsters market participants’ confidence in seeking buying opportunities, particularly if technical confirmations persist to back the strengthening trend.
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On the 15-minute chart, Gold appears to be forming a double bottom reversal pattern, suggesting a potential shift from a downtrend to an uptrend. This signal is further validated by the Zigzag indicator and the movement of the Moving Average (MA), both indicating a likelihood of an increase. Given this technical convergence, Gold is anticipated to test significant resistance levels around $3,655 shortly.
Technical Reference: buy as long as it stays above 3,615
Potential Take Profit 1: 3,648
Potential Take Profit 2: 3,655
Potential Stop Loss 1: 3,621
Potential Stop Loss 2: 3,615
