The price of Gold is exhibiting a strengthening pattern amidst the formation of a bullish channel that remains intact. The Moving Average (MA) indicator supports the upward trend, with prices stabilizing above the main MA line, signaling a strong bullish momentum. Meanwhile, the MACD indicator displays positive signals, with the MACD line consistently moving above the signal line, confirming the potential for further increases.
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On the 15-minute timeframe, the price of Gold is positioned at the lower boundary of the channel, indicating a potential support area. The Stochastic indicator, currently in the oversold region, suggests that selling pressure is beginning to ease, increasing the chances of a reversal (rebound). If the price can maintain its position above this support area and Stochastic initiates a bullish crossover, Gold is likely to experience a short-term rise. Should this scenario unfold as anticipated, Gold could move towards the resistance level at $2,660.
Technical Reference: buy as long as it remains above 2,634.00
Potential Take Profit 1: 2,640.00
Potential Take Profit 2: 2,634.00
Potential Stop Loss 1: 2,660.00
Potential Stop Loss 2: 2,665.00
