The movement of Gold on the 1-hour timeframe is starting to signal a trend reversal after successfully breaking through the bearish channel that previously constrained its downward movement. This breakout indicates a weakening of selling pressure and simultaneously opens opportunities for buyers to regain control of the market. The ZigZag indicator supports the bullish scenario by creating a structure of higher lows, which is characteristic of the beginning of a sustained upward movement.
The strengthening momentum is further backed by other technical support, as the Moving Average (MA) has shifted to a bullish position and the MACD indicator remains in positive territory. This combination of signals indicates a solid dominance of buyers, creating space for Gold to continue its upward trajectory. As long as the price stays above the breakout level, the chances of a rally toward the nearest resistance level are increasing and should be monitored by market participants.
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Gold has successfully broken past the key resistance on the 15-minute timeframe, followed by confirmation of the upward movement from the ZigZag indicator, which shows a formation of swing higher lows. The technical signals are further strengthened by the rising movement of the Moving Average (MA), paving the way for Gold to continue its rally and test the next resistance at around 3,380.
Technical Reference: buy as long as above 3,352
Potential Take Profit 1: 3,374
Potential Take Profit 2: 3,380
Potential Stop Loss 1: 3,357
Potential Stop Loss 2: 3,352
