The price of gold is consistently demonstrating a strengthening trend, despite undergoing a sharp correction recently. Price movements remain within a bullish channel, indicating that the medium-term upward trend is still intact. Positive sentiment is further supported by the price’s position above the 24-period Moving Average (MA), which suggests buyer dominance in the market.
Additionally, the MACD indicator signals strong bullish momentum, with the histogram in positive territory and the MACD line above the signal line. The recent sharp correction is viewed as a typical retracement that often occurs within an upward trend, influenced by significant news events.
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In the 15-minute time frame, the gold price shows potential for further strengthening as the MA indicator lies below the current price, indicating that the upward potential continues, and a bullish channel is forming within the 15M time frame, further triggering bullish conditions. If this scenario plays out as expected, the gold price could rise towards the resistance level at $2,698.
Technical Reference: buy as long as it is above 2,668.00
Potential Take Profit 1: 2,693.00
Potential Take Profit 2: 2,698.00
Potential Stop Loss 1: 2,673.00
Potential Stop Loss 2: 2,668.00
