Flag Breakout: Gold Poised to Continue Bullish Trend

The price of Gold has demonstrated significant strength following a breakout from a flag pattern observed in technical charts. This typically indicates a continuation of the upward trend. The 24-period Moving Average (MA) provides additional support, with the price situated above this line, suggesting a solid bullish momentum. Furthermore, the MACD indicator is showing a bullish crossover, further reinforcing signals of additional gains.

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Moreover, the MACD (Moving Average Convergence Divergence) reinforces this positive outlook with its signal line moving into positive territory, indicating an increase in buying momentum. The price forming a bullish channel also supports the likelihood of an upward move. Should this scenario unfold as anticipated, Gold prices could rise towards a resistance level of $2,660.

Technical Reference: buy if above 2,636.00
Potential Take Profit 1: 2,656.00
Potential Take Profit 2: 2,660.00
Potential Stop Loss 1: 2,640.00
Potential Stop Loss 2: 2,635.00