The price of Gold has demonstrated a notable recovery after its rebound from the lower boundary of the Bollinger Bands, which is frequently perceived as a dynamic support zone. This situation is bolstered by the Stochastic indicator being in the oversold region, signaling that selling pressure is diminishing and chances for an upward movement are quite favorable.
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In the 15-minute time frame, the price of Gold also shows the potential for strengthening as it resides within a bullish channel. Additionally, the oversold condition of the Stochastic supports the likelihood of a price increase. If this scenario unfolds as anticipated, Gold’s price could aim toward the resistance level at $2,722.
Technical Reference: buy as long as it remains above 2,694.00
Potential Take Profit 1: 2,713.00
Potential Take Profit 2: 2,718.00
Potential Stop Loss 1: 2,700.00
Potential Stop Loss 2: 2,695.00
