Gold has reached an unprecedented high of $4,420 as the US trading session approaches tonight, illustrating that buying pressure is still prevalent in the market. The price movement continues to stay within a well-defined bullish channel, indicating a steady flow of buying activity. The formation of the Higher High–Higher Low (HH–HL) structure consistently signals that buyers maintain full control over the price direction.
From a technical standpoint, the chances of a continued gold rally are strengthening as the Moving Average (MA) trends upward, ZigZag maintains a bullish pattern, and the MACD remains stable in the positive zone. The alignment of these indicators reflects a market sentiment that continues to favor upward movement, providing room for gold to aim for the nearest resistance level, as long as prices stay above the key support and the trend structure remains intact.
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Meanwhile, on the 15-minute chart, gold shows an increasingly solid upward trend, with prices consistently moving within a bullish channel. Technical support from the upward-moving MA, the bullish ZigZag, and a positive MACD reaffirm the dominance of buyers in the short term. Under these conditions, the potential for gold to continue its rally and test the resistance around $4,435 is growing, as long as the bullish momentum is sustained.
Technical Reference: buy as long as above 4,385
Potential Take Profit 1: 4,427
Potential Take Profit 2: 4,435
Potential Stop Loss 1: 4,395
Potential Stop Loss 2: 4,385
