Gold continues to exhibit strong bullish momentum as we approach the US session tonight, maintaining a stable price movement within an upward channel on the 1-hour timeframe. The market structure, characterized by forming higher highs and higher lows, reinforces that the buyers are firmly in control. The ascending Moving Average further confirms that the upward trend is intact, while the ZigZag pattern pointing upwards indicates that buying pressure is consistently pushing prices toward higher levels.
Additional support comes from the MACD, which remains in positive territory, signaling that the bullish momentum is strong and shows no signs of weakening. As long as Gold remains above the bullish channel structure, the chances of continuing the upward trend and testing the nearest resistance levels become increasingly favorable. This combination of technical signals paints a picture that buyers still have the strength to maintain their dominance, keeping the potential for further strengthening prevalent in the short-term outlook.
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Bullish channel has started to form on the 15-minute timeframe, illustrating that Gold is still in a phase of short-term strengthening. The continually rising Moving Average emphasizes that the trend’s direction remains favorable for buyers, while the ZigZag pattern creating an upward structure indicates that buying pressure continues to be robust. With this combination of technical signals, Gold has the potential to further increase and test the nearest resistance around $4,237.
Technical Reference: buy as long as above 4,207
Potential Take Profit 1: 4,232
Potential Take Profit 2: 4,237
Potential Stop Loss 1: 4,211
Potential Stop Loss 2: 4,207
