Gold continues to exhibit bullish potential after successfully breaking above a high within a symmetrical triangle pattern, signaling a continuation of the upward trend for this evening. The current price movement is contained within a bullish channel, with consistent formations of higher highs and higher lows (HH–HL) reflecting an increasingly strong buyer dominance. This situation reinforces that selling pressure remains limited and has yet to disrupt the ongoing uptrend.
From a technical perspective, the potential for Gold’s strengthening draws additional support from the CCI, which has started to rebound from an oversold area, indicating a resurgence in buying momentum. Moreover, the upward trajectory of the Moving Average and the ZigZag pattern forming an uptrend further validate the bullish trend. With this combination of signals, Gold has the potential to continue rising and test higher price levels in the near future.
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Gold still maintains a bullish bias on the 15-minute chart, reflected in the price action that remains within a rising channel. The upward structure shown by the ZigZag pattern with higher highs and higher lows, supported by an upward-moving Moving Average and an OsMA moving into positive territory, confirms that the buying momentum remains robust. As long as this structure does not exhibit significant weakening, Gold is likely to continue its upward movement and retest the resistance level of 4,350.
Technical References: buy while above 4,298
Potential Take Profit 1: 4,340
Potential Take Profit 2: 4,350
Potential Stop Loss 1: 4,307
Potential Stop Loss 2: 4,298
