Gold has once again demonstrated its bullish nature after successfully breaching the resistance level within a triangle pattern, which had previously served as a significant barrier to price movement. This breakout reinforces that buying pressure is regaining control, thereby paving the way for a potential continuation of the upward trend in the immediate future. The technical structure now indicates a stronger alignment with buyers, with increasingly robust bullish momentum following the price’s departure from the consolidation pattern. This scenario sends a strong signal that Gold may continue its rally towards the next resistance level.
Further strengthening signals are emerging from the Moving Average (MA) indicator, which is beginning to rise consistently, indicating a more mature bullish trend. Additionally, the ZigZag pattern is showing the formation of higher swing highs and swing lows, confirming the onset of a more structured uptrend. The combination of the triangle breakout, strengthening MA, and the upward reversal of ZigZag provides a solid technical foundation suggesting that Gold still has room to rise tonight.
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Gold appears poised for continued strength following a healthy correction into the previously breached resistance area, forming an RBS pattern on the 15-minute time frame. This pattern indicates that the level has now transformed into a strong rebound zone for buyers. Additional bullish signals can be observed from the ZigZag starting to construct an uptrend structure, along with the CCI rebounding from oversold territory, confirming the resurgence of buying momentum. With this technical signal combination, Gold has the potential to continue its ascent to test the key resistance at 4,170.
Technical Reference: buy as long as above 4,085
Potential Take Profit 1: 4,160
Potential Take Profit 2: 4,170
Potential Stop Loss 1: 4,098
Potential Stop Loss 2: 4,085
