The Gold market has reached a significant milestone this week by establishing a new all-time high (ATH), signaling continued strength in the precious metal. After several days of price retracement, the price finally broke through the previous ATH of 2483.80, which was achieved in July. This upward momentum propelled gold to a new high of 2531.0, reflecting a broader bullish sentiment in the market.
The price of Gold has exhibited a recurring pattern of retracement after establishing a swing high with an ATH, only to surge higher after finding solid support. For instance, following the creation of an ATH on April 14, the price pulled back into a bullish order block before finding strong support. This provided the momentum needed to set a new high on May 20. The retracement formed a higher low, creating a solid base for further upward movement. This pattern repeated in July, with the price once again pulling back before catapulting to the current ATH of 2531.0.
The Hull Butterfly Indicator continues to show increasing bullish momentum on the daily chart. Furthermore, a well-established bullish trendline, formed by connecting higher lows, has provided consistent support, reinforcing the long-term bullish trend.
Gold Short-Term Trend: Bullish
In the short term, gold’s bullish trend remains intact across lower timeframes as well. The market structure shows clear signs of strength, and the Lorentizan Classification Indicator reinforces long forex signals on both higher and lower timeframes, confirming the continuation of the uptrend. Bullish order blocks have played a crucial role in maintaining upward momentum. Notably, a new bullish order block has emerged on the lower timeframe, located just above the previous ATH. This suggests further upside potential as traders may look to leverage this structure to target higher price levels.
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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