Gold continues to exhibit its bullish strength, with prices consistently moving within a Higher High – Higher Low (HH–HL) pattern. The recent breakout at the previous resistance level and the formation of the RBS pattern further reinforce the notion that buyers are still in control of the market. Support from the ZigZag indicator illustrates an upward trend, and the MACD remains solidly positioned in the positive territory, emphasizing that the upward momentum of Gold is intact. As long as prices hold above the key support level, the chances of continuing the rally toward the nearest resistance remain very promising.
In the short term, Gold’s trajectory remains upward, supported by the consistent formation of a bullish pattern. This combination of technical signals indicates that any selling pressure is likely to be temporary, giving buyers a chance to push prices higher. Under these conditions, Gold is poised to test the nearest resistance during tonight’s session, confirming the ongoing upward trend and providing an optimistic outlook for the continuation of the rally.
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Gold is consistently moving within a well-maintained bullish channel, while the strengthening trend signals become increasingly clear through the confirmation from Moving Averages and the ZigZag pattern, both indicating an upward direction on the 15-minute time frame. The combination of rising price structures and coherent indicators supports the continuation of the bullish momentum, opening possibilities for Gold to further increase and test the $4,183 level.
Technical Reference: buy as long as above 4,125
Potential Take Profit 1: 4,170
Potential Take Profit 2: 4,183
Potential Stop Loss 1: 4,137
Potential Stop Loss 2: 4,125
