Gold continues to stay on an upward trajectory characterized by the bullish Higher High – Higher Low (HH-HL) pattern that remains unbroken. This pattern underscores the strong grip that buyers have on the movement’s direction, while sellers have yet to seize any momentum. Confirmation from the ZigZag indicator also demonstrates the persistence of this upward pattern, connecting higher and lower levels that point toward a consistent trend.
Moreover, technical support strengthens further, evidenced by the sharply rising Moving Average (MA) line, signaling a solid positive trend. Meanwhile, the MACD indicator situated in the positive zone reinforces the potential for Gold’s rise in the near term. The combination of the price pattern and technical indicators suggests that a bullish outlook remains strong, providing opportunities for buyers to push for further gains.
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On the 15-minute chart, Gold experienced a slight correction from its all-time high but successfully returned to its bullish path with a maintained upward pattern. The ZigZag indicator reflects the consistency of the Higher Low pattern, and the upward-moving MA line further strengthens the positive trend signal. This condition presents an opportunity for Gold to continue its rally and test a significant resistance area around $3,805.
Technical Reference: buy as long as it stays above 3,741
Potential Take Profit 1: 3,795
Potential Take Profit 2: 3,805
Potential Stop Loss 1: 3,752
Potential Stop Loss 2: 3,741
