Gold continues to display strong bullish potential during the US session tonight, as prices remain entrenched within a bullish channel on the one-hour timeframe. This situation reveals a robust dominance of the buyers, particularly following a downward correction in the previous session that has now turned into an upward trend once again. The consistent zigzag structure forming higher highs (HH) and higher lows (HL) further emphasizes the strength of the upward trend, reinforcing the signal that the bullish momentum is well maintained.
Technical support is also provided by the upward trend of the Moving Average (MA), adding confirmation that the market remains favorable for buyers. As long as prices can stay above the channel support, the potential for Gold’s upward movement remains wide open, targeting the nearest resistance. The combination of the bullish channel, zigzag patterns, and supportive MAs lays a strong technical foundation for Gold to continue its rally in the US session tonight.
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On the 15-minute timeframe, Gold is also moving within the bullish channel with robust technical signals. The upward movement of the MA and the consistent zigzag pattern forming an uptrend further strengthens the positive outlook. With the momentum still intact, Gold is likely to continue its rise this evening, targeting the important resistance around $3,677 as the nearest goal.
Technical Reference: buy as long as above 3,677
Potential Take Profit 1: 3,668
Potential Take Profit 2: 3,677
Potential Stop Loss 1: 3,632
Potential Stop Loss 2: 3,623
