The gold market continues to exhibit a strong bullish trend on the 1-hour time frame. The established bullish channel underscores the dominance of buyers, while the consistently forming zigzag pattern with higher highs and higher lows further reinforces the upward trend. The Moving Average (MA) appears to have flattened with an upward trajectory, indicating that the upward momentum is maintaining its strength. This combination sends a signal that prices are likely to continue strengthening during the afternoon session.
Given the supportive technical conditions, the potential for a gold price increase is significant if buyers can sustain their dominance. However, it remains crucial to monitor the nearest support levels as the lower boundary of the bullish channel. As long as prices do not breach this level, the short-term outlook remains positive. Should buying pressure persist, gold may test the next resistance level and extend the established bullish trend.
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Gold continues to move within a bullish channel on the 15-minute time frame, backed by strong technical signals. The Moving Average (MA) trend remains upward, while the zigzag pattern consistently maintains its uptrend structure. With this momentum, gold has the potential to continue rising to test key resistance around $3,665 as the nearest target.
Technical Reference: buy while above 3,623
Potential Take Profit 1: 3,654
Potential Take Profit 2: 3,665
Potential Stop Loss 1: 3,631
Potential Stop Loss 2: 3,623
