Gold is currently exhibiting strong bullish momentum on the daily chart, following a well-defined uptrend that's being respected by a pitchfork tool drawn from recent swing lows and highs. The price action is consistently respecting the median line and upper parallel of the pitchfork, indicating that the breakout is unfolding within the structure of this ascending channel.
The recent breakout above prior resistance has been accompanied by solid follow-through, and price continues to ride along the median line, suggesting sustained strength. Each pullback has been shallow and contained within the lower parallel, further confirming the integrity of the trend.
As long as price holds above the median line and maintains structure within the pitchfork, this move remains technically constructive, offering potential continuation toward the upper parallel in the near term.
The recent breakout above prior resistance has been accompanied by solid follow-through, and price continues to ride along the median line, suggesting sustained strength. Each pullback has been shallow and contained within the lower parallel, further confirming the integrity of the trend.
As long as price holds above the median line and maintains structure within the pitchfork, this move remains technically constructive, offering potential continuation toward the upper parallel in the near term.
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