The price of Gold is indicating potential weakness after failing to maintain its position at the upper boundary of Bollinger Bands. The Stochastic indicator’s sharp decline from the oversold zone further reinforces a bearish signal. This scenario presents an opportunity for market participants to anticipate a further downward trend, particularly if prevailing market sentiment remains negative.
On the 15-minute chart, Gold reveals a bearish signal, as the price currently sits below the running price, suggesting selling opportunities. Moreover, the CCI’s significant drop from oversold conditions adds further potential for decline. Should this scenario unfold as expected, the price of Gold could approach the support level at $2,597.00.
Recommended
Recommended
Recommended
Recommended
Technical Reference: sell while below 2,620.00
Potential Stop Loss 1: 2,615.00
Potential Stop Loss 2: 2,620.00
Potential Take Profit 1: 2,602.00
Potential Take Profit 2: 2,597.00
