The price of Gold is exhibiting a strong upward trend, characterized by the formation of higher highs and higher lows on the one-hour time frame. This increase is bolstered by technical indicators such as the Moving Average (MA) trending upwards and the MACD remaining in the positive zone. This combination of signals indicates that the bullish momentum is still intact, reflecting a robust buyer dominance in the market.
By midday, Gold seems poised to continue its rally, potentially testing higher resistance levels. As long as the price stays above the nearest support level, the chances of sustaining the upward trend outweigh the likelihood of a reversal. With consistent technical support, the bullish scenario remains the focal point for traders monitoring the movement of Gold.
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The zigzag on the 15-minute time frame demonstrates a sturdy upward structure, reinforcing the buyers’ dominance in the market. Breaking through the bullish resistance channel serves as a crucial technical signal suggesting that the rally in Gold has the potential to extend further. With this upward thrust, prices could continue to rise towards the next resistance level near $3,914, which has now become a key target for intraday movements.
Technical Reference: buy while above 3,914
Potential Take Profit 1: 3,898
Potential Take Profit 2: 3,914
Potential Stop Loss 1: 3,845
Potential Stop Loss 2: 3,828
