Gold has once again reached an all-time high, fueled by a clear dominance of buyers evident in the Higher High (HH) and Higher Low (HL) structure on the hourly chart. This pattern confirms that market sentiment remains firmly bullish, with investors seizing the momentum to push prices to greater heights. Any corrections that have occurred thus far have been seen merely as opportunities for buyers to re-enter the market.
Additional confirmation comes from technical indicators such as zigzag patterns and Moving Averages (MA), both reflecting a consistent upward trajectory. These signals reinforce the belief that bullish opportunities are still wide open in the short term. With a robust trend and solid technical support, Gold is poised to continue its rally and challenge the next psychological barrier, making it a focal point for both traders and investors.
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On the 15-minute chart, Gold is set for potential gains in tonight’s US session after breaking through a previously constraining bearish channel. This bullish momentum is further enhanced by a ZigZag pattern that has also penetrated the channel, while the Moving Average (MA) is sharply rising to support the trend. With this combination of technical signals, Gold has the potential to continue its ascent and test key resistance levels around $3,696.
Technical Reference: buy above 3,696
Potential Take Profit 1: 3,740
Potential Take Profit 2: 3,751
Potential Stop Loss 1: 3,704
Potential Stop Loss 2: 3,696
