Gold successfully reached its initial profit target at approximately $3,080 during the European session on Friday (April 4, 2025). After hitting this target, Gold rebounded and began to rise again.
On the hourly chart, Gold’s rebound quickly broke above the 50 Moving Average (MA5) and the MA 20, indicating further upward potential. The Stochastic indicator is also trending upward but has not yet entered the overbought territory, suggesting room for additional gains.
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On the 15-minute chart, Gold has managed to break above a Bearish Channel, indicating the potential for a wider range within this pattern. The Stochastic, currently in the overbought zone at this shorter timeframe, may lead to a correction. If this occurs, it could present a buy opportunity with a more favorable risk-reward ratio. As long as Gold remains above $3,110, it still holds the potential for further increases.
Technical Reference: Buy as long as above $3,110
Potential Take Profit 1: $3,150
Potential Take Profit 2: $3,165
Potential Stop Loss 1: $3,110
Potential Stop Loss 2: $3,095
