Gold continues to exhibit remarkable resilience, maintaining its position within key resistance areas consistently. The dominance of buyers is evident from the price structure, which continually forms the pattern of higher highs – higher lows (HH–HL). This structure indicates that buying pressure is firmly controlling the market, keeping prices within a bullish channel. Consequently, any corrections are likely to be viewed as buying opportunities rather than signs of a reversal.
From a technical perspective, the prospects for further increases in Gold are reinforced by several significant indicators. The upward trajectory of the Moving Average confirms that the ongoing positive trend remains intact, while the ZigZag pattern reveals a series of swing movements continually contributing to the uptrend. Additionally, the MACD, positioned in the positive range, signals that the bullish momentum is still preserved. Together, these factors solidify the predominant potential for buying Gold, as long as prices remain within the established bullish channel.
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On the 15-minute chart, Gold continues to present a potential for further bullish movement as the technical structure remains supportive of upward action. The upward direction of the Moving Average (MA) suggests that the short-term trend remains positive, bolstered by ZigZag formations illustrating a bullish pattern, while the MACD stays in positive territory, indicating sustained buying momentum. Given these conditions, Gold is currently testing the closest resistance level at approximately $4,560. As long as prices can stay above the intraday support level, the likelihood of continued gains remains feasible.
Technical Reference: buy while above 4,475
Potential Take Profit Level 1: 4,540
Potential Take Profit Level 2: 4,560
Potential Stop Loss Level 1: 4,492
Potential Stop Loss Level 2: 4,475
