Gold continues to demonstrate a bullish channel on the hourly chart, indicating that buyers are still in control as we approach the evening. The formation of Higher Highs (HH) and Higher Lows (HL) provides strong support for the upward trend, signifying that the bullish structure remains robust. As long as the price stays within this channel, the potential for Gold’s strengthening increases, presenting a positive signal for market participants to continue seeking buying opportunities.
From a technical perspective, the upward movement of the Moving Average (MA) along with the MACD indicator remaining in positive territory further reinforces the bullish outlook. This combination of technical signals affirms that the momentum of Gold’s strengthening is well-preserved. With this support, Gold is likely to proceed with its upward movement, testing significant resistance levels in the course of the night.
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The zigzag pattern on the 15-minute chart is beginning to form a rising pattern, bolstered by the ascending direction of the Moving Average (MA) and the Commodity Channel Index (CCI) moving into oversold territory, providing an initial signal that selling pressure is waning and that buyers are gradually regaining control. This combination of technical signals indicates the potential for a reversal towards the bullish side, with Gold likely to rally in the short term to test resistance around $3,660.
Technical References: buy as long as above 3,618
Potential Take Profit 1: 3,652
Potential Take Profit 2: 3,660
Potential Stop Loss 1: 3,626
Potential Stop Loss 2: 3,618
