The price of Gold is achieving new daily highs as we approach the evening trading session in the US, indicating that strong buying power prevails in the market. The price structure forming a Higher High and Higher Low (HH-LH) pattern serves as evidence that the bullish trend remains firmly intact. This upward trend illustrates that any price correction is being utilized by market participants to initiate new purchases. From a technical standpoint, the steady price movement above the previous breakout area reinforces confidence that the short-term trend is still firmly under the control of buyers.
Meanwhile, the zigzag indicator is reflecting the formation of consistently rising highs and lows, further confirming the ongoing uptrend. The sharply ascending Moving Average (MA) line adds support to the outlook for further increases. This combination of signals paints a picture of a healthy market for Gold’s bullish movement in the short term. As long as the price remains above the last Higher Low structure, the potential for continuing the rally towards the next resistance area remains promising.
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On the 15-minute timeframe, Gold is clearly forming a bullish channel with solid technical support. The Moving Average (MA) is trending upwards, while the zigzag pattern indicates a consistent uptrend structure. This situation reflects buyer dominance in the short term, providing opportunities for the price to continue rising tonight. As long as the price remains within this channel, Gold is poised to test a significant resistance area around $2,274, which acts as a psychological boundary for the continuation of the upward trend.
Technical Reference: buy while above 4,186
Potential Take Profit 1: 4,256
Potential Take Profit 2: 4,275
Potential Stop Loss 1: 4,202
Potential Stop Loss 2: 4,186
