Gold May Recover Below US$ 3,100

The price of gold has fallen below US$ 3,100 due to profit-taking activities after recently reaching an all-time high of US$ 3,167 per troy ounce. The Stochastic indicator has entered the oversold territory, suggesting a potential rebound ahead.

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The Stochastic on the 15-minute chart confirms its position in the oversold area, further indicating the possibility of a rebound for gold. The nearest support level is around US$ 3,076; as long as this level holds, there is a potential for a rebound to occur.

Technical Reference: buy as long as above US$ 3,076
Potential Take Profit 1: US$ 3,100
Potential Take Profit 2: US$ 3,115
Potential Stop Loss 1: US$ 3,076
Potential Stop Loss 2: US$ 3,065