Gold continues to demonstrate strengthening potential, consistently moving within a bullish channel, reinforcing that the influence of buyers remains firmly intact in the short term. The well-maintained price structure, along with a ZigZag pattern still forming a series of higher highs and higher lows, indicates that the upward trend remains robust. This situation suggests that any corrections thus far have been reasonable and have not been able to alter the main market bias, which is currently bullish.
On the 1-hour timeframe, the Moving Average appears to be flattening slightly; however, its overall direction still indicates an upward trend. This serves as additional evidence that buying pressure continues to dominate, with ample opportunities for further upward movement as long as prices remain above the dynamic support. With a strong bullish channel, a consistent uptrend ZigZag, and a recovering MA, Gold has a significant chance of continuing its bullish trajectory towards the next resistance level.
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On the 15-minute timeframe, Gold continues to traverse within a bullish channel, affirming that the upward momentum remains dominant. Technical signals also support this view, with the MA trending upward and the ZigZag maintaining a bullish pattern, indicating a healthy price structure. With this combination, Gold has a strong potential for further gains and is preparing to test an important resistance level at $4,230.
Technical Reference: buy as long as above 4,192
Potential Take Profit 1: 4,224
Potential Take Profit 2: 4,230
Potential Stop Loss 1: 4,198
Potential Stop Loss 2: 4,192
