The price action observed on the 1-hour timeframe displays a consistent formation of Higher Highs (HH) and Higher Lows (HL), indicating that the upward trend remains intact. The ZigZag indicator further reinforces this signal with a series of rising points, reflecting steady buying pressure during each corrective phase. Additionally, the Moving Average (MA) shows a sharp upward trajectory, confirming that the main trend is still controlled by buyers. The combination of price patterns and trend indicators suggests that the bullish momentum continues without significant signs of weakening.
From a momentum perspective, the MACD reveals an expanding positive histogram, emphasizing that buyer strength remains dominant in pushing prices higher. As long as the HH-HL structure persists and prices remain above the MA, the likelihood of further price increases remains open. However, it is advisable for traders to keep an eye on the last support area formed from the previous HL point as a risk threshold in case of a sudden correction. With all technical elements aligned, the market currently leans in favor of buyers who maintain full control on the 1-hour timeframe.
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The bullish channel in the 15-minute timeframe serves as a crucial factor supporting the potential for continued upward movement in Gold. The price action remaining within this upward channel indicates that buying pressure is still prevailing. Technical indicators such as the Moving Average (MA) and Zigzag also confirm this trend strength as both remain in a bullish condition. Meanwhile, the MACD residing in the positive zone adds confidence that the upward momentum is solid, testing around the resistance area at approximately $4,064.
Technical Reference: buy when above 3,991
Potential Take Profit 1: 4,052
Potential Take Profit 2: 4,064
Potential Stop Loss 1: 4,008
Potential Stop Loss 2: 3,991
