The price of Gold has hit a new record, demonstrating that the influence of buyers remains unbroken. The technical patterns still indicate a robust upward trend, characterized by the consistent formation of Higher Highs (HH) and Higher Lows (HL). The zigzag indicator continues to reveal a strong uptrend, while the Moving Average (MA) line is sharply rising, reinforcing a solid bullish momentum.
Moreover, the MACD indicator remains firmly in the positive territory, boosting confidence that the upward trend is still strongly supported by key technical factors. With the combination of price patterns and indicators confirming each other, the likelihood of a significant correction remains limited, ensuring that buyers maintain full control. This suggests that Gold may continue its rally in the near future, particularly if no major fundamental pressures arise to alter the trend.
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The potential bullish scenario on the 15-minute time frame is becoming increasingly evident, as Gold’s price is currently moving within a well-defined upward channel. The zigzag pattern continues to consistently shape the uptrend, while the Moving Average (MA) emphasizes the increasing momentum. This technical combination strengthens the hypothesis that Gold is likely to continue its rally to test a crucial resistance level around $3,777, thus maintaining the dominant position of buyers in the short term.
Technical Reference: buy above 3,732
Potential Take Profit 1: 3,767
Potential Take Profit 2: 3,777
Potential Stop Loss 1: 3,742
Potential Stop Loss 2: 3,732
