Gold has achieved another historical high, reaffirming the ongoing bullish trend that has been evident over the past few weeks. The price movement continues to stay within a rising channel, consistently forming higher highs (HH) and higher lows (HL). This pattern indicates that buying pressure remains robust, while sellers have yet to apply any significant counter-pressure against the prevailing trend. Technical support from the Moving Average (MA) indicator and zigzag patterns further confirm the upward trajectory.
Moreover, the positive MACD indicator reinforces the belief that the bullish momentum is still intact, particularly on the one-hour timeframe. The combination of a maintained price trend, supporting technical patterns, and aligned momentum indicators presents a strong signal that Gold still has the potential to continue its rally. As long as the HH and HL structure holds, the likelihood of further increases toward the next psychological levels remains wide open.
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Gold continues its ascent within a bullish channel on the 15-minute timeframe, supported by solid technical signals. The Moving Average (MA) maintains an upward direction, while the zigzag pattern consistently forms an uptrend. With this momentum, Gold has the opportunity to continue its rise, testing significant resistance at the $3,673 level as the nearest target.
Technical Reference: buy as long as above 3,620
Potential Take Profit 1: 3,663
Potential Take Profit 2: 3,673
Potential Stop Loss 1: 3,630
Potential Stop Loss 2: 3,620
