Gold has once again demonstrated solid strength as its price has established a Higher High – Higher Low (HH–HL) formation on the 1-hour timeframe. This pattern is further validated by the zigzag indicator, which confirms a bullish trend, while the Moving Average is starting to rise, showcasing stable upward momentum. This situation suggests that buying pressure remains dominant, and market participants continue to maintain a positive sentiment towards Gold.
Moreover, the increasingly positive MACD adds to the confidence that the upward push could persist. This technical momentum provides an opportunity for Gold to maintain its strengthening rhythm ahead of tonight’s U.S. session, where volatility typically rises. As long as the bullish structure remains intact and the price doesn’t break below the nearest support area, the possibility of further increases remains wide open. If buying interest continues, Gold has the potential to reach new intraday high levels.
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Gold continues to move within a well-defined bullish channel, with strengthening trend signals as confirmed by the Moving Average and consistent ZigZag patterns indicating an upward direction on the 15-minute timeframe. The price structure which continuously forms higher levels, along with supportive indicators, keeps the bullish momentum dominant and opens up chances for Gold to continue rising towards the next testing area around $4,210.
Technical Reference: buy as long as above 4,160
Potential Take Profit 1: 4,200
Potential Take Profit 2: 4,210
Potential Stop Loss 1: 4,173
Potential Stop Loss 2: 4,160
