During the European trading session, Gold has consistently exhibited strong bullish momentum, breaking through the high of $3,549. This upward movement has been further validated by a well-formed bullish channel, where prices have successfully breached the resistance side of the channel. The ZigZag pattern indicating a bullish structure also reinforces the upward momentum, signaling that buyers are still dominating the market. This scenario suggests that the short-term trajectory for Gold is still leaning towards an upward trend.
Additional support comes from the positive movement of the MACD indicator, aligning with the increasing price trend. With the combination of these technical factors, the chances for Gold to continue its ascent remain very promising. As long as the price holds above the key support zone, the bullish trend is expected to persist into the evening, with the next target for an increase set towards a higher resistance, making Gold an appealing option for traders seeking buying opportunities.
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On the 15-minute chart, Gold continues to maintain its potential uptrend as prices move within the bullish channel, supported by a ZigZag pattern that shows an upward formation and a consistently rising Moving Average (MA). In tonight’s US session, the opportunities for strengthening further increase, with the target testing an important resistance level around $3,576.
Technical Reference: buy while above 3,516
Potential Take Profit 1: 3,563
Potential Take Profit 2: 3,576
Potential Stop Loss 1: 3,530
Potential Stop Loss 2: 3,516
