On the one-hour chart, the bullish structure of Gold remains intact, characterized by the formation of Higher Highs (HH) and Higher Lows (HL). This situation indicates that the strength of the buyers is still dominant, while the sellers have not managed to exert significant pressure. The zigzag indicator also shows a robust uptrend pattern, reinforcing that the upward direction is still the primary pathway in the short term.
Technical support is becoming increasingly evident with the Moving Average (MA) trending bullishly, signaling a strong potential for a continued rally. As long as the price holds above the established bullish structure, Gold has bright prospects for extending its rally tonight. It is anticipated that buyers will continue to maintain market control, positioning Gold to test significant resistance levels ahead.
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The bullish potential on the 15-minute timeframe is becoming more apparent, with Gold currently moving within a well-defined ascending channel. The zigzag pattern consistently forms an uptrend structure, while the Moving Average (MA) continues to affirm the upward momentum. This technical combination strengthens the likelihood that Gold will proceed with its rally during the US session tonight, aiming to test important resistance around $3,805, thus reinforcing that buyers maintain a dominant control in the short term.
Technical Reference: Buy while above 3,760
Potential Take Profit 1: 3,796
Potential Take Profit 2: 3,805
Potential Stop Loss 1: 3,770
Potential Stop Loss 2: 3,760
