The bullish trajectory of Gold persists on the one-hour time frame, highlighted by the establishment of a steady upward channel. Prices are moving within a pattern of higher highs and higher lows, indicating a robust buying trend that dominates the short-term market. The ascending Moving Average (MA) is reinforcing the trend direction, acting as a dynamic support that maintains the bullish structure intact. As long as prices remain above the MA and do not breach the lower boundary of the channel, the prospects for a continued upward trend remain highly favorable.
Technical support is further solidified by signals from the MACD indicator, where the MACD line is positioned above the signal line and consistently operates within the positive territory. The ever-increasing MACD histogram suggests that the buying momentum is still showing no signs of weakening. The conjunction of supportive price structure, rising MA direction, and bullish MACD signals enhance the expectations that Gold is likely to continue its rally toward the next resistance level.
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Gold is showing potential signs of a directional reversal after successfully breaking high from the bearish trend on the 15-minute time frame, opening up opportunities for further strength in the short term. Technical signals are becoming increasingly supportive as the Parabolic SAR indicator shifts below price levels, indicating a change in momentum towards bullish. The price action is beginning to form a higher low pattern and stabilizing above the breakout level, reinforcing the potential for further rallies to test 3,350.
Technical Reference: Buy as long as above 3,305
Potential Take Profit 1: 3,340
Potential Take Profit 2: 3,350
Potential Stop Loss 1: 3,312
Potential Stop Loss 2: 3,305
