The price of Gold during the last hour of trading continues to uphold a bullish structure characterized by the formation of Higher Highs (HH) and Higher Lows (HL), which have yet to be breached by sellers. The ZigZag indicator demonstrates that the upward trend remains strong, while the movement of the Moving Average (MA) appears to be flattening out but has not indicated any significant weakening. This scenario shows that buyers continue to hold control, even though the pace of the increase appears to be less aggressive than before.
The bullish potential remains intact as long as the price stays above the nearest support level. Should the strengthening momentum increase once more, Gold has a chance to continue its ascent towards the next resistance level during tonight’s trading session. However, if the price fails to sustain the HH-HL pattern and selling pressure intensifies, the possibility of a deeper correction remains available. Therefore, the primary focus for traders should be on tracking price movements around the MA and the ZigZag patterns to anticipate the next directional movement.
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On the 15-minute chart, the likelihood of an uptrend for Gold still holds as the price continues to operate within a bullish channel. The ZigZag pattern indicating a rise along with the consistent upward movement of the Moving Average (MA) provides robust technical signals. This situation opens the door for Gold to further strengthen and potentially test an important resistance level around $3,509 in the near future.
Technical Reference: buy while above 3,460
Potential Take Profit 1: 3,498
Potential Take Profit 2: 3,509
Potential Stop Loss 1: 3,468
Potential Stop Loss 2: 3,460
