On the 1-hour chart, the 20 Moving Average (MA 20) has crossed above the 50 Moving Average (MA 50), signaling a potential rise in Gold prices (XAUUSD). Following this, Gold’s value surged, reaching an all-time high of approximately US$3,237 per troy ounce. Prior to this upward movement, Gold did experience a correction, hitting the first profit target at around US$3,196 during the European session.
Currently, the Stochastic indicator is forming a bearish divergence, suggesting a possibility of further correction.
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In the 15-hour chart, Gold has broken through the lower boundary of a Bearish Channel, which opens the door for short-term declines. As long as it remains below US$3,245, Gold may potentially drop towards US$3,180.
Technical Reference: sell when below US$3,245
Potential Take Profit 1: US$3,180
Potential Take Profit 2: US$3,170
Potential Stop Loss 1: US$3,245
Potential Stop Loss 2: US$3,255
