The price of Gold continues to demonstrate impressive strength this evening, sustaining a bullish trend that has developed since the start of the week. The price structure on the 1-hour timeframe showcases a consistent pattern of Higher High (HH) and Higher Low (HL), indicating that buyer dominance remains remarkably robust. The ZigZag indicator has also established a steadily rising pattern with increasing points, reflecting solid buying pressure during each correction phase. The sharply ascending Moving Average (MA) line further reinforces that the short-term trend is still favoring Gold’s ascension.
In terms of momentum, the MACD indicator, which remains firmly in the positive zone, serves as additional confirmation that buyer strength has not diminished. As long as the price stays above the nearest support area and the HH-HL structure remains intact, the chances for Gold to rise to the next resistance level remain wide open. If buying momentum continues during the upcoming US session, the potential to achieve new highs becomes even greater, strengthening the view that the bullish trend continues to dominate the precious metals market.
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An upward channel on the 15-minute timeframe serves as a strong signal that the Gold bullish trend is being well maintained. As long as the price moves within this channel, buying pressure appears dominant, and the opportunity for further gains remains open. Support also arises from technical indicators like the Moving Average (MA) and ZigZag, both of which indicate a positive trend, signaling that the market remains healthy. Additionally, the MACD position, which stays in the positive area, strengthens the perspective that the upward momentum is still strong, with the potential for prices to test resistance around $4,073.
Technical Reference: buy as long as above 4,012
Potential Take Profit 1: 4,059
Potential Take Profit 2: 4,073
Potential Stop Loss 1: 4,022
Potential Stop Loss 2: 4,012
