Gold is once again showcasing its strength with the formation of continuous higher highs and higher lows, indicating that the bullish trend remains prevalent as we approach tonight. The successful breakout above the key resistance, which previously formed a double top, serves as evidence that the upward momentum is intact, and buyers are firmly in control of the market. This robust movement structure illustrates that the positive sentiment surrounding Gold is still strong, with buying interest increasing amidst global economic uncertainties.
From a technical standpoint, the support for the upward trend is further bolstered by the movement of the Moving Average (MA) and the consistent Zigzag pattern, both indicating a bullish direction. These indicators confirm that there is ample room for further gains, with the potential for prices to continue their rally towards higher resistance zones. With the trend’s strength maintained, Gold has the opportunity to test the next resistance level during the day session, reinforcing optimism that this rally has yet to peak.
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On the 15-minute time frame, Gold continues to operate within a bullish channel, indicating that buying pressure remains strong as we head into the US session tonight. The technical support from both the Moving Average (MA) and the Zigzag pattern, which both indicate an upward trajectory, strengthens the possibility of a continued rally. Meanwhile, the MACD staying in the positive zone confirms that the bullish momentum is still in play. With this combination of signals, Gold is likely to extend its rise towards testing the resistance area around $3,956.
Technical Reference: buy as long as it’s above 3,907
Potential Take Profit 1: 3,957
Potential Take Profit 2: 3,968
Potential Stop Loss 1: 3,968
Potential Stop Loss 2: 3,907
