The price of Gold continues to demonstrate potential for an upward movement as the short-term trend on the hourly chart maintains its bullish structure. The occurrence of a bullish flag pattern serves as a strong indicator that the upward trend is still likely to persist. The zigzag formation at the upper range also illustrates consistent buying pressure, allowing the selling pressure so far to be kept at bay.
From a technical perspective, the Moving Average (MA) remains configured bullish, reinforcing the support for the upward trend. As long as the price does not breach key support levels, the outlook for Gold is anticipated to remain positively skewed. This scenario opens the door for potential gains in the short term.
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On the 15-minute chart, Gold displays signs of strengthening, highlighted by the emergence of a bullish trendline, which aligns with the upward pattern from the zigzag indicator. This technical condition signifies that the dominance of buyers remains quite robust, hence the possibility of further price increases remains viable. As long as the price stays above the nearest support range, Gold may continue its rally and test significant resistance around $3,770.
Technical Reference: buy as long as above 3,770
Potential Take Profit 1: 3,760
Potential Take Profit 2: 3,770
Potential Stop Loss 1: 3,730
Potential Stop Loss 2: 3,720
