The movement of Gold indicates a strong possibility for the continuation of the bullish trend as prices have successfully broken through the triangle formation, achieving a valid break high. The pullback phase following this breakout serves to strengthen the upward structure, as prices remain above a new support level without showing significant selling pressure. From a price action perspective, this movement pattern reflects a healthy and sustainable bullish structure, signaling that buying interest remains dominant in the market.
Technical support is prominently evident from several key indicators. The Moving Average (MA) is trending upwards with a steep incline, indicating a strong trend momentum. The ZigZag pattern consistently forms a series of higher highs and higher lows, affirming that the uptrend phase is still intact. Meanwhile, the MACD is in positive territory and continues to strengthen, providing further confirmation that buying pressure prevails, keeping the potential for Gold to enhance its value in the near term.
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A bullish channel has begun to take shape on the 15-minute time frame, adding solid support for the buyer dominance. Although the MA indicator appears to flatten slightly, its direction remains upward, aligning with the short-term bullish sentiment. The Zigzag pattern clearly outlines an uptrend structure, indicating a more stable price push. Additionally, the MACD, positioned in positive territory, confirms a solid upward momentum. With this combination of technical indicators, Gold has the potential to continue rising and challenge the important resistance level around $4,378.
Technical Reference: buy as long as above 4,307
Potential Take Profit 1: 4,368
Potential Take Profit 2: 4,378
Potential Stop Loss 1: 4,323
Potential Stop Loss 2: 4,307
