Following a significant correction that brought prices down to lower levels, Gold appears to be experiencing a rebound during this afternoon’s trading session. The selling pressure that had been prevalent is now easing, as market participants begin to take profits. From a technical perspective, the zigzag pattern establishing an upward line indicates a potential reversal in the short term. Furthermore, the flattening Moving Average (MA) signals a diminishing bearish momentum, providing room for prices to gradually increase.
Additionally, the Commodity Channel Index (CCI) has started to rise from the oversold territory, offering further confirmation that buying interest is beginning to build. This condition reinforces the view that, in the near term, Gold still holds opportunities for continued upward movement, albeit with the possibility of minor corrections due to global market uncertainties. Should the buying pressure remain above the closest support level, this rebound momentum could persist toward the next resistance point.
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Gold is showing signs of strengthening in the short term, with the MA beginning to trend upwards, indicating that the average price is moving positively. The zigzag pattern reflects a strong rebound from the lower area, showcasing a robust buying drive. Moreover, the MACD indicator within the positive range adds confidence that a bullish momentum is forming. The combination of these technical signals supports Gold’s potential to continue rising and could test the resistance level at 4,203 on a 15-minute time frame.
Technical Reference: buy above 4,078
Potential Take Profit 1: 4,174
Potential Take Profit 2: 4,203
Potential Stop Loss 1: 4,104
Potential Stop Loss 2: 4,078
