The price of Gold continues to exhibit a strong bullish trend after successfully breaking above a bullish flag pattern on the hourly chart. The price structure, characterized by a sequence of higher highs (HH) and higher lows (HL), remains intact, indicating that buyers are still in control of the market. This breakout from the flag pattern serves as a strong technical signal that the upward momentum is not over, with the potential for prices to continue their positive trend towards the nearest resistance level.
Technical indicators also support this bullish projection. The Moving Average (MA) continues to trend upwards in line with price movements, while the zigzag pattern confirms the establishment of a healthy bullish structure. This combination of technical signals reinforces the idea that the direction of Gold is still favoring buyers, suggesting that the possibility for further strengthening remains open as long as prices can stay above the key support area.
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On the 15-minute chart, Gold still shows signs of strengthening, evidenced by the formation of a bullish trendline confirmed by the upward movement in the zigzag indicator. This technical signal indicates that buyer dominance remains intact, allowing for ample room for a continuation of the rally. As long as prices stabilize above the nearest support level, Gold is poised to continue its upward movement to test the resistance area around $3,774.
Technical Reference: buy while above 3,723
Potential Take Profit 1: 3,765
Potential Take Profit 2: 3,774
Potential Stop Loss 1: 3,730
Potential Stop Loss 2: 3,723
