The hourly chart for Gold shows a stable movement within a well-maintained bullish channel, indicating a strong dominance of buyers in the market. The consistent upward price action reinforces the belief that the upward trend is ongoing, as selling pressure has yet to disrupt the primary movement direction. As long as prices remain above the dynamic support zone, the possibilities for Gold to continue strengthening remain promising.
From a technical analysis perspective, the bullish sentiment is further confirmed by the upward trajectory of the Moving Average and the ZigZag pattern that continues to shape an uptrend structure. Additional support comes from the MACD being in the positive territory, signaling a solid buying momentum. With this signal combination, Gold is poised to push upward in the near future to test the closest resistance zone.
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On the 15-minute time frame, Gold is displaying increasingly strong upward opportunities after successfully breaking through the resistance area within the bullish channel. The persistent upward direction of the Moving Average, combined with the consistent ZigZag pattern establishing a bullish structure, emphasizes that the positive trend remains intact. Additionally, the CCI indicator is in an oversold condition, serving as an extra catalyst. With this technical backing, Gold has the potential to continue its rise to test the resistance level at $4,525.
Technical Reference: buy while above 4,455
Potential Take Profit 1: 4,510
Potential Take Profit 2: 4,525
Potential Stop Loss 1: 4,470
Potential Stop Loss 2: 4,455
