Gold continues to exhibit strong upward potential on the 1-hour time frame, with a robust bullish structure in place. The initial signals of strengthening appeared after the price successfully executed a triangle breakout, subsequently leading to the formation of a new resistance level. This movement indicates that buying interest is still predominant, as the price remains above the breakout area and shows no significant selling pressure.
Furthermore, a healthy pullback phase actually reinforces the scenario for a continued upward trend since the correction area is effectively functioning as new support. The ZigZag indicator continues to form higher highs and higher lows, while the Moving Average trends upward, providing technical support for Gold to test the next resistance area as long as the bullish structure remains intact.
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Gold is still moving within a bullish channel on the 15-minute time frame, which continues to support the price upward trend. The ZigZag structure is also maintaining a pattern of higher highs and higher lows, while the upward-moving Moving Average and MACD positioned in the positive territory serve as strong confirmation that buying momentum is still in control. With this technical backing, Gold has the potential to strengthen further and retest the resistance at $4,363.
Technical References: Buy as long as above 4,302
Potential Take Profit 1: 4,350
Potential Take Profit 2: 4,363
Potential Stop Loss 1: 4,315
Potential Stop Loss 2: 4,302
