Gold has been inching upward throughout the U.S. session tonight, maintaining its position within a bullish channel on the hourly chart. The technical structure indicates an increasing dominance of buyers, supported by a consistent ZigZag pattern that has formed higher highs (HH) and higher lows (HL). This scenario suggests that the upward trend remains robust, enhancing the likelihood of Gold continuing its gains in the short term.
The trajectory of the Moving Average (MA), which is persistently climbing, further underlines the bullish outlook. This combination of indicators confirms that market sentiment is still favoring buyers, creating opportunities for Gold to challenge the next resistance. As long as the price stays above the support channel, the upward trend is likely to persist, although the potential for short-term corrections should be noted as part of healthy consolidation.
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Meanwhile, on the 15-minute time frame, Gold shows a signal of breaking through recent highs after surpassing the resistance of the bullish channel. This movement reinforces the buyer’s dominance, supported by the MA that continues to trend upwards and a compact ZigZag pattern creating a bullish formation. With this support, the potential for Gold to strengthen further becomes even more likely as it tests critical resistance around the $3,706 level.
Technical Reference: Buy while above 3,665
Potential Take Profit 1: 3,698
Potential Take Profit 2: 3,706
Potential Stop Loss 1: 3,673
Potential Stop Loss 2: 3,665
