Gold has once again demonstrated strong performance by moving steadily within a bullish channel, backed by a price structure that continues to form higher highs and higher lows. The ZigZag indicator maintains an uptrend bias, indicating that buying pressure remains dominant. Additionally, the rising Moving Average (MA) line offers further confirmation that the short-term trend continues to head upwards. This combination shows that buying interest in the market remains robust, particularly as prices consistently stay above the dynamic support level.
Meanwhile, the Commodity Channel Index (CCI) has begun to recover from the oversold territory, reinforcing the signal for potential continued gains. This rebound in the CCI indicates that market participants are starting to accumulate again after a recent short-term correction. On the 1-hour timeframe, the technical structure of Gold looks increasingly solid for further strengthening, especially while prices remain above the ascending MA line. With supporting indicators aligned, the possibility for further upside remains open, allowing Gold to test the next resistance level.
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On the 15-minute timeframe, Gold has begun to break through the nearest resistance, indicating that short-term bullish opportunities are expanding. Technical signals are also supportive, with the MA trending upward and the MACD in positive territory, affirming the bullish dominance during this afternoon session. If this momentum continues, Gold is poised to extend its rally towards the next resistance area around $4,235.
Technical Reference: buy while above 4,198
Potential Take Profit 1: 4,228
Potential Take Profit 2: 4,235
Potential Stop Loss 1: 4,204
Potential Stop Loss 2: 4,198
