Gold prices skyrocketed from last Wednesday through to today, Friday (April 11, 2025). The precious metal reached an all-time high around $3,220 per troy ounce. On the hourly chart, Gold surged after the 20-period Moving Average (MA 20) crossed above the 50-period Moving Average (MA 50). This crossover is typically interpreted as a bullish signal.
However, a Doji pattern has now emerged on the hourly chart for Gold, and the Stochastic indicator is in the overbought territory. This suggests a potential correction for Gold prices.
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On the 15-minute chart, Gold continues to operate within a Bullish Channel with the Stochastic indicator trending upwards. In this shorter timeframe, there is potential for Gold prices to increase. However, given the strong bearish signal on the hourly chart, any upward movement might provide a better opportunity for a sell trade with a favorable risk-reward ratio.
Technical Reference: sell while below $3,230
Potential Take Profit 1: $3,196
Potential Take Profit 2: $3,186
Potential Stop Loss 1: $3,230
Potential Stop Loss 2: $3,240
