Gold Technical Analysis – 4-Hour Timeframe
In the 4-hour timeframe, global gold prices have been oscillating within an ascending channel and set a new historical high with a robust rally over the past week.
Gold Technical Analysis – 1-Hour Timeframe
In the 1-hour timeframe, gold has broken the upper boundary of the range upward with a change in structure and is now approaching the upper boundary of the 4-hour channel.
Gold has grown precisely the width of the trading range, and buyers are in the process of taking profits on their positions.
Gold Technical Analysis – 15-Minute Timeframe
In the 15-minute timeframe, gold is approaching the lower boundary of the ascending channel, which coincides with the demand order block.
If gold breaks below the channel’s lower boundary and the demand order block, we can expect a pullback to the upper boundary of the trading range in the 1-hour timeframe. Otherwise, gold may rise toward the upper boundary of the 4-hour channel, around $2,608.