Gold experienced a bearish phase in October, resulting in a significant drop below the bullish trendline established in July. However, the bulls have regained momentum, driving the price higher and resuming the overall uptrend.
The bearish momentum halted at the 2531.0 demand zone, where buyers regained strength. From this critical level, the price began to recover, although the trendline initially resisted the rebound. Following a brief pullback, the bulls regrouped and resumed their advance.
Currently, the True Trend indicator shows a green cloud forming beneath the daily candles, signifying a sustained bullish displacement. The MACD’s growing green histogram bars further confirm the strengthening buying momentum.
Gold Short-Term Trend: Bullish
On the 4-hour chart, the bullish market structure is clearly evident. The MACD supports this perspective, indicating strong upward momentum. The price has reached the swing high of 2708.0, with the next target set at 2770.0. Traders monitoring forex signals may find opportunities to align with the prevailing trend.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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