The price of Gold experienced a rebound during trading on Tuesday (April 8, 2025), following a substantial drop at the beginning of the week. Currently, on the 1-hour chart, Gold is trading above the 20 Moving Average (MA 20), which suggests that a further increase is likely as long as it remains above this level. The Stochastic indicator is in the overbought territory, indicating potential for a correction.
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The Stochastic on the 15-minute chart is also in the overbought region, implying a possibility of further corrective action. However, with Gold breaking through the Bearish Channel pattern once again, there is a chance for it to continue its upward trajectory. Therefore, if a correction occurs, it may present a buying opportunity with an improved risk-reward ratio.
Technical Reference: Buy while above US$2,995
Potential Take Profit 1: US$3,030
Potential Take Profit 2: US$3,040
Potential Stop Loss 1: US$2,995
Potential Stop Loss 2: US$2,985
