Gold continues to exhibit a strong bullish trend in the last hour of trading. The upward trend, characterized by the formation of Higher Highs (HH) and Higher Lows (HL), confirms that buyers are maintaining control of the market direction. The breakout from the bullish flag pattern further reinforces the upward signal, making the upward momentum appear solid and sustainable.
In addition, technical indicators provide support for the bullish forecast. The zigzag pattern consistently creates higher levels, while the Moving Average (MA) is trending upwards, serving as additional confirmation that the trend remains robust. With this scenario, Gold is expected to have the potential to continue its upward rally, as long as buyers can keep the price above key support levels.
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Gold successfully broke through the key resistance level of $3,780 on the 15-minute chart, opening up opportunities for further strengthening. This bullish signal is further bolstered by the upward direction of the Moving Average (MA) and the zigzag indicator that showcases the higher high pattern. Given these conditions, Gold in today’s midday trading has the potential to continue rising towards the next resistance area around $3,835.
Technical Reference: buy as long as it stays above 3,793
Potential Take Profit 1: 3,827
Potential Take Profit 2: 3,835
Potential Stop Loss 1: 3,801
Potential Stop Loss 2: 3,793
