The price of Gold has continued its upward trend and achieved the highest level in history. This robust bullish momentum is reflected in the ongoing formation of the Higher High – Higher Low (HH-HL) pattern, indicating a strong buyer presence in the market. Technical support is also provided by the ZigZag indicator and Moving Average (MA), both of which signal an upward direction and enhance the potential for further bullish movement during the afternoon session.
In addition, the MACD indicator remains in positive territory, confirming that buying pressure is still dominating the price movements. As long as the price remains above the dynamic support area and does not show significant reversal signals, the prospect for Gold to strengthen remains promising. Investors are advised to stay vigilant for any short-term profit-taking maneuvers, but overall market sentiment continues to favor upward movements.
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The emerging bullish channel on the 15-minute time frame further supports the potential for Gold to test the next resistance level around $4,232. The price structure moving within the rising channel shows that buying pressure remains dominant, aligning with the main trend direction that is still bullish. Technical support is reinforced by the upward positioning of the Moving Average (MA) and the MACD indicator residing in positive territory, suggesting the upward momentum remains strong and the chance for a resistance breakout is still on the table in the short term.
Technical Reference: buy as long as above 4,184
Potential Take Profit 1: 4,244
Potential Take Profit 2: 4,263
Potential Stop Loss 1: 4,203
Potential Stop Loss 2: 4,184
