The price of Gold is exhibiting signs of strength with a breakout from a flag pattern on the technical chart, suggesting a potential continuation of the upward trend. The bullish momentum is further reinforced by favorable signals on the MACD indicator, where the signal line is positioned above the zero line, indicative of increasing buying pressure.
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On the 15-minute chart, Gold also displays potential for an upward movement after the Moving Average (MA) provides support for price action in the technical chart. The MA, serving as a trend indicator, signals that the bullish momentum remains intact. Furthermore, the MACD (Moving Average Convergence Divergence) bolsters this outlook with the signal line moving into positive territory, indicating a rise in buying momentum. If this scenario unfolds as anticipated, Gold’s price could approach the resistance level of $2,655.
Technical Reference: buy while above 2,624.00
Potential Take Profit 1: 2,649.00
Potential Take Profit 2: 2,655.00
Potential Stop Loss 1: 2,629.00
Potential Stop Loss 2: 2,624.00
