The price of Gold on the H1 time frame is showing strong signals that the upward trend has the potential to persist. After successfully breaking through a key resistance level, the price structure maintains a pattern of higher highs and higher lows, indicating buyer dominance. The Moving Average (MA) line supports this movement, with price holding steadily above it, suggesting that the short-term momentum remains bullish. This breakout not only confirms the strength of the trend but also paves the way for further gains towards the next resistance level.
The MACD indicator further bolsters this positive outlook, with its histogram staying in the positive territory and the signal line trending upwards. This technical combination of MA and MACD enhances the conviction that the Gold rally still has momentum to continue.
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On the 15-minute time frame, the price of Gold (XAUUSD) exhibits a potential continuation of the upward trend after breaking through the previously established bearish trendline that limited price movement. This breakthrough signals a weakening of selling pressure and provides an initial signal for a directional change. Additionally, the Zigzag indicator is starting to form a structure of Higher Lows (HL) and Higher Highs (HH), which are characteristic of the early stages of a bullish movement. The combination of breaking the trendline high and the strengthening Zigzag pattern confirms that Gold has the potential to continue its short-term rally towards $3,420.
Technical Reference: buy while above 3,355
Potential Take Profit 1: 3,407
Potential Take Profit 2: 3,420
Potential Stop Loss 1: 3,365
Potential Stop Loss 2: 3,355
