The price of gold has demonstrated its potential for an upward trend continuation after decisively breaking above the recent highs within a symmetrical triangle pattern. This movement signifies the growing dominance of buyers, highlighted by the establishment of a bullish channel and a consistent structure of higher highs and higher lows (HH–HL). From a technical standpoint, these conditions reflect a favorable market sentiment, with buyers effectively sustaining buying pressure, even in relatively elevated price areas.
On the indicator front, the Commodity Channel Index (CCI) hovering in the oversold territory serves as an additional signal indicating that further strength for gold remains feasible, considering the likelihood of a price rebound from such conditions. The upward trajectory of the Moving Average and the ongoing formation of higher swings in the ZigZag pattern further validate the current bullish trend. As long as this technical structure is not significantly compromised, the gold market is likely to continue its upward path, favoring a bullish bias.
Recommended
Recommended
Recommended
Recommended
Meanwhile, observing the M15 time frame, gold remains neatly positioned within its bullish channel. The sustained ZigZag pattern, the upward-moving Moving Average, and the OsMA holding positive area indicate that buying momentum continues to dominate the market. Under these technical conditions, gold has the opportunity to strengthen further and retest the resistance area around $4,350.
Technical Reference: buy as long as it stays 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
