On the 1-hour chart, Gold is forming an Ascending Triangle, which may signal a short-term correction, particularly as it remains confined within this pattern.
The Stochastic indicator is trending upwards, approaching the overbought zone. Once it reaches this level, the chances of a correction increase significantly.
Recommended
Recommended
Recommended
Recommended
Looking at the 15-minute chart, the Stochastic has already hit overbought territory, further amplifying the likelihood of a pullback. The nearest resistance is around US$3,139; as long as Gold stays below this threshold, it could potentially decline to US$3,120 per troy ounce.
Technical Reference: consider a sell position while below US$3,139
Potential Take Profit Level 1: US$3,120
Potential Take Profit Level 2: US$3,108
Potential Stop Loss Level 1: US$3,139
Potential Stop Loss Level 2: US$3,150
