Gold is currently situated within a triangle pattern on the 1-hour time frame, but signs of strengthening are emerging as the price has bounced back from the daily low. Although the ZigZag indicator continues to demonstrate relatively limited movement, the price structure is beginning to suggest a new buying impetus. This scenario is further bolstered by the Moving Average (MA) now residing below the current price, signaling a shift in momentum from bearish pressures to potential bullish trends.
Additionally, the CCI indicator has risen from the oversold zone, further confirming the onset of a recovery momentum. The combination of price rebound, supportive MA positioning, and strengthening CCI signals provides a strong technical basis for Gold to resume its upward trajectory. As long as the price remains above the daily low and maintains a higher low structure, Gold is likely to pave the way towards the next resistance level in the near term.
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In the 15-minute time frame, Gold exhibits signs of potential strengthening after successfully breaking above the bearish channel, indicating a weakening of selling pressure. The Moving Average (MA) is now trending upwards, providing additional support that momentum has shifted to the bullish side, while the MACD residing in positive territory further reinforces the upward bias. With this combination of technical signals, Gold has a favorable opportunity to continue its upward momentum and prepare to test the significant resistance level at 4,140.
Technical Reference: buy as long as it stays above 4,035
Potential Take Profit 1: 4,122
Potential Take Profit 2: 4,135
Potential Stop Loss 1: 4,050
Potential Stop Loss 2: 4,035
