The price of gold continues to exhibit a strengthening trend as a bullish channel forms on the technical charts. In recent trading sessions, the price has moved steadily within this channel, indicating the dominance of buyers who are able to sustain a positive momentum. The Moving Average (MA) indicator also endorses this movement, as the price consistently stays above the MA line, acting as a dynamic support and signaling a robust upward trend.
The MACD indicator further emphasizes the bullish sentiment, with the MACD line positioned above the signal line, complemented by a positive histogram that illustrates strong buying pressure. The synergy of signals from the bullish channel, MA, and MACD establishes a solid technical foundation for gold prices to continue their upward trajectory.
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The bullish channel established on the 15-minute timeframe provides a strong indication that gold prices are ready to continue their upward trend. The Moving Average (MA) indicates a positive direction as prices consistently move above the MA line, reflecting solid bullish momentum. Additionally, the MACD (Moving Average Convergence Divergence) indicator supports this scenario, as the MACD line crosses above the signal line, suggesting increasing buying pressure to test the resistance level of 2,950.
Technical References: buy while above 2,913.00
Potential Take Profit 1: 2,943.00
Potential Take Profit 2: 2,950.00
Potential Stop Loss 1: 2,920.00
Potential Stop Loss 2: 2,913.00
