Despite facing some corrections on the 1-hour chart, Gold has successfully sustained its upward trend with a healthy price structure. The ongoing formation of Higher High (HH) and Higher Low (HL) patterns indicates that the buying strength is still dominant. The corrections observed thus far appear to be a natural consolidation phase before the next upward movement. As long as the price stays above the primary support area, market sentiment is still aligned with the potential continuation of the bullish trend.
From a technical perspective, the upward direction of the Moving Average (MA) reinforces positive signals, while the zigzag pattern indicates stable trend continuity. Furthermore, the MACD indicator remaining in the positive territory provides additional confirmation that the upward momentum is still intact. This combination of technical signals presents opportunities for Gold to strengthen again today, especially if buying pressure increases around the nearest breakout area.
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The bullish channel on the 15-minute time frame is a primary factor supporting the potential for further upward movement in Gold. The price action remains within this rising channel, indicating that buying pressure continues to dominate. Technical indicators such as Moving Average (MA) and Zigzag also confirm the strength of this trend as both remain in a bullish condition. Meanwhile, the MACD in the positive area adds confidence that the upward momentum is robust as it tests the resistance level around $4,058.
Technical References: buy while above 3,999
Potential Take Profit 1: 4,047
Potential Take Profit 2: 4,059
Potential Stop Loss 1: 4,013
Potential Stop Loss 2: 3,999
