Gold was unable to establish a new low during the US trading session tonight. Instead, prices managed to rebound from the low generated in a zigzag pattern, indicating a potential reversal in trend. The Moving Average (MA) line has begun to tilt towards a bullish trajectory, signaling an initial indication that upward momentum is starting to build. This situation reveals that the selling pressure which had previously dominated is beginning to ease, while buying interest is gradually increasing around a significant support level.
Moreover, the Commodity Channel Index (CCI) rising from an oversold region further strengthens the technical signals that Gold may continue to rise in the near future. If this momentum persists, prices have the opportunity to break through the nearest resistance level and test higher price areas. However, market participants are advised to remain vigilant regarding price reactions in light of the upcoming US economic data releases, as fundamental sentiment can still influence Gold’s movement in the short term.
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Gold is demonstrating potential for strengthening in the short-term, with both Moving Average (MA) and the zigzag indicator confirming an upward trend on the 15-minute time frame. Furthermore, the Commodity Channel Index (CCI) successfully rebounding from the oversold zone adds confidence that buying pressure is beginning to pick up again. With these technical signals in support, Gold has a chance to continue climbing and test the resistance area around $4,165 in the next trading session.
Technical Reference: buy above 4,057
Potential Take Profit 1: 4,141
Potential Take Profit 2: 4,165
Potential Stop Loss 1: 4,080
Potential Stop Loss 2: 4,0357
