The Gold coin has resumed its upward momentum, forming a new swing low on the daily chart. Recently, the price pulled back toward a bullish order block at 2600.0 after reaching 2685.0. However, the market is showing strength, advancing even without a complete retest of this support level.
Gold buyers have demonstrated resilience, pushing past the critical 2479.0 resistance level back in August. This level was later retested as support, confirming the momentum required for the continuation of the upward trend. After a breakout, these resistance zones often transform into reliable support, providing ideal entry points. Many forex signals channels suggest entries based on this dynamic.
September’s pullback, however, did not reach the previous resistance zone at 2531.0, indicating strong buying pressure. This has accelerated gold’s upward expansion, affirming sustained bullish momentum.
Gold Short-Term Trend: Bullish
On the 4-hour chart, the bullish order block around 2600.0 remains a support area. Despite not retesting this level, the market has already started its ascent. The Overbought/Oversold indicator gave a buy signal on the 10th, near this zone, and price action responded with a strong bullish move. Moving Averages have aligned below the candlesticks, further supporting a bullish climb toward the 2685.0 target.
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