The price of Gold has reached the initial profit target around US$3,120 per troy ounce during the European session on Wednesday (April 2, 2025). It even approached the secondary profit target near US$3,108 per troy ounce before making a rebound, and it appears to still be following a Descending Triangle pattern on the hourly chart.
The Descending Triangle is categorized as a bearish pattern, suggesting that Gold is likely to trend downward in the short term. The second profit target has now become the first profit target in U.S. trading.
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On the 15-minute chart, the Stochastic indicator shows a downward movement from the overbought region, indicating a significant potential for continued declines in the short term. The nearest resistance level is at approximately US$3,139; as long as prices remain below this level, Gold has the potential to drop to US$3,108 per troy ounce.
Technical Reference: sell while under US$3,139
Potential Take Profit 1: US$3,108
Potential Take Profit 2: US$3,100
Potential Stop Loss 1: US$3,139
Potential Stop Loss 2: US$3,150
