Gold has successfully breached the upper level of the bearish channel, signaling an early indication that the downward trend is beginning to lose momentum. This breakout demonstrates a strengthening of buy pressure after the prices were previously subdued within a downward trend. Moreover, the Stochastic indicator rising from the oversold zone suggests that bullish momentum is starting to build, creating opportunities for further price increases. If the price can maintain itself above the breakout area and refrain from slipping back into the bearish channel, Gold has the potential to strengthen toward the next resistance level.
The combination of the breakout from the bearish channel and the bullish signal from Stochastic makes the outlook for Gold’s increase more robust. However, additional confirmation through trading volume and the nearest resistance levels is essential to ensure the sustainability of the upward trend. Should buyers continue to dominate the market,
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The Commodity Channel Index (CCI) successfully rebounding from the oversold area on the 15-minute timeframe serves as an initial signal that selling pressure on Gold is starting to ease. This condition indicates a potential trend reversal as prices have reached a level considered undervalued by the market. If this momentum continues, Gold may experience further increases testing the 3,040 resistance level.
Technical Reference: buy while above 3,013
Potential Take Profit 1: 3,035
Potential Take Profit 2: 3,040
Potential Stop Loss 1: 3,017
Potential Stop Loss 2: 3,013
