Despite experiencing a correction phase, Gold displays robust potential to maintain its bullish trend during tonight’s session. The price structure remains on an upward trajectory, underscoring that buyers are still firmly in control of the market. The ZigZag pattern creating a series of higher highs and higher lows signals that the strengthening momentum is far from exhausted. This condition suggests that the selling pressure observed recently is merely temporary, serving as part of a healthy consolidation process before prices resume their ascent.
From a technical perspective, the upward direction of the Moving Average (MA) and the MACD consistently remaining in positive territory further solidifies the potential for short-term increases. Both indicators reflect that the bullish sentiment remains strong, while the selling pressure isn’t sufficiently forceful to alter the primary trend. As long as prices stay above the crucial support area, the opportunity for Gold to further extend towards the upcoming resistance region is highly probable, bolstered by increasing buying interest in the market.
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On the 15-minute chart, Gold maintains its bullish trend resilience, with prices moving back into an ascending channel. The consistent price structure making higher highs and higher lows indicates that buyers continue to have full control over market direction. Technical support from the rising MA and a persistent positive MACD serve as the foundational elements for the potential continuation of the rally. Given the solid technical setup and preserved momentum, Gold is poised to test the next resistance level around $4,381.
Technical Reference: buy as long as above 4,254
Potential Take Profit 1: 4,358
Potential Take Profit 2: 4,381
Potential Stop Loss 1: 4,272
Potential Stop Loss 2: 4,254
