The price of Gold has once again etched a new chapter in its history by achieving an unprecedented peak, showcasing the unstoppable strength of buyers. The consistent formation of higher highs (HH) and higher lows (HL) signifies that the market is firmly on an uptrend. The zigzag movements that have shaped the bullish configuration further affirm that the upward momentum remains robust, keeping investor sentiment tilted in favor of buyer supremacy.
Technical support also reinforces this optimism, with the Moving Average (MA) consistently trending upwards and the MACD indicator positioned within positive territory, providing added validation to the rising trend. On the 1-hour timeframe, this condition becomes more apparent, clearly indicating a market controlled by buyers, leading to potential continuation of Gold’s rally if global sentiment maintains support for this safe haven asset.
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The price of Gold on the 15-minute timeframe exhibits the strength of the upward trend after successfully breaking through the bullish resistance channel, sending a signal of break high that reinforces the dominance of buyers. Technical support is clearly evident with the Moving Average (MA) continuing its upward trajectory, and the compact zigzag pattern forming a bullish design, serving as additional confirmation for the potential continuation of the bullish run. Given these conditions, Gold has a strong chance of further strengthening as it tests the key resistance at the $3,706 level.
Technical Reference: buy above 3,665
Potential Take Profit 1: 3,698
Potential Take Profit 2: 3,706
Potential Stop Loss 1: 3,673
Potential Stop Loss 2: 3,665
