Gold is demonstrating significant potential to enter a bullish phase after successfully breaking through the resistance area of a bearish channel on the hourly chart. This shift in direction signals the end of short-term selling pressure and opens the door for the establishment of a new upward trend. The price structure is now forming a higher high and higher low (HH–HL) pattern, confirming a transition from bearish to a minor bullish trend. This indicates that buyers are beginning to take control of the market after a prolonged period of consolidation.
Beyond the technical support from the price structure, bullish signals are further bolstered by several supporting indicators. The Moving Average (MA) has a positive tilt, aligning with the direction of the new trend, while the ZigZag indicator also confirms the onset of a stabilizing upward movement. Conversely, the Commodity Channel Index (CCI), which was previously in an oversold area, is now reversing, signaling a corrective momentum that could trigger further price increases. If this sentiment persists, gold may continue to strengthen toward the next resistance level.
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Gold is showing signs of strengthening after various technical indicators give positive signals on the 15-minute time frame. The CCI is rising from the oversold territory, indicating a potential shift in momentum from selling pressure to buying interest. The ZigZag pattern is also trending upwards, confirming the initial stages of a price structure shift. Additionally, the Moving Average (MA) appears to flatten with an upward tendency, reinforcing the chances of a short-term bullish trend. With this combination of signals, gold is poised to continue its ascent to test the resistance area at 4,167.
Technical Reference: Buy above 4,068
Potential Take Profit 1: 4,145
Potential Take Profit 2: 4,167
Potential Stop Loss 1: 4,087
Potential Stop Loss 2: 4,068
