Gold continues to demonstrate its resilience amidst market fluctuations. Even though it faced a significant correction in yesterday’s trading session, the bullish structure on the 1-hour timeframe remains intact. Technical indicators such as Moving Average (MA) and Zigzag are consistently showing an upward trend, signaling that the short-term momentum has not reversed.
Furthermore, the CCI, which has rebounded from the oversold zone, reinforces the potential for continued strengthening. This situation presents an opportunity for Gold to extend the rally that has been in place for several weeks. As long as prices manage to stay above key support levels, the bullish trend is expected to persist, with the likelihood of testing the next resistance level soon.
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Gold has successfully showcased its strength after experiencing a sharp correction on the 15-minute timeframe during yesterday’s trading session. The price has re-entered the ascending channel backed by a continuous upward Zigzag movement, confirming the bullish short-term trend. Technical signals are becoming increasingly robust as the MACD indicator begins to move into positive territory, further opening up prospects for Gold to continue its rally, with a target of testing resistance at the 3894 level in today’s afternoon trading.
Technical Reference: buy as long as above 3,825
Potential Take Profit 1: 3,876
Potential Take Profit 2: 3,894
Potential Stop Loss 1: 3,840
Potential Stop Loss 2: 3,825
