The price of Gold has successfully surged in line with the European technical analysis and has even reached its targeted take profit level. This rise has been supported by price movements remaining within a bullish channel, indicating that the upward trend is well-maintained. The ongoing formation of higher highs (HH) and higher lows (HL) serves as strong evidence that the buyer dominance prevails, while market sentiment leans positively toward a continued price rally.
Furthermore, the upward motion of the Moving Average (MA) enhances the bullish outlook for Gold on the 1-hour timeframe. The combination of the ascending channel, HH-HL pattern, and MA support suggests that ample opportunities for price increase remain open this evening. As long as this bullish structure holds, Gold is poised to extend its rally to test higher resistances and establish new levels that further affirm its positive trend.
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The bullish structure on the 15-minute chart still holds the potential to continue as prices consistently move within the ascending channel, showcasing sustained buyer dominance. The upward trajectory of the Moving Average (MA) along with a persistent zigzag pattern forming new high levels further boosts the positive outlook. With this technical support, Gold is likely to continue its upward motion to test the resistance level at $3,647 in the near term.
Technical Reference: buy as long as above 3,586
Potential Take Profit 1: 3,636
Potential Take Profit 2: 3,647
Potential Stop Loss 1: 3,598
Potential Stop Loss 2: 3,586
