The price of Gold continues to demonstrate its resilience by reaching an all-time high, underscoring the dominance of buyers in the global market. The technical structure remains robust with a prevailing pattern of Higher Highs (HH) and Higher Lows (HL) that are yet to be broken. This strong trend reflects a sustained bullish momentum, while increased demand for safe-haven assets during global economic uncertainty further bolsters Gold’s upward trajectory.
From a technical standpoint, the bullish signals are reinforced by the blend of ZigZag indicators and Moving Averages (MA) moving in tandem, providing strong support for the rising price structure. Simultaneously, the MACD indicator on the 1-hour time frame displays positive momentum with a strengthening histogram and a widening signal line, indicating that the bullish trend remains intact. This scenario showcases that buyers continue to exert complete control over the price movement.
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On the 15-minute chart, the potential for further gains remains wide open with the consistent formation of the HH-HL pattern. As long as there is no significant reversal in the key support zone, Gold has the chance to continue its bullish movement towards a critical resistance level around $4,149. With the buying pressure remaining dominant and technical signals not indicating any weakness, the short- to medium-term upward prospects are still firmly in the hands of buyers.
Technical Reference: buy as long as above 4,053
Potential Take Profit 1: 4,133
Potential Take Profit 2: 4,149
Potential Stop Loss 1: 4,068
Potential Stop Loss 2: 4,053
