According to the European technical overview, the price of Gold has risen and reached the take profit level, displaying increasingly strong bullish signals after the Moving Average (MA) and the Moving Average Convergence Divergence (MACD) indicators confirm further potential increases.
Price movements remaining above the MA indicate that the upward trend is still prevailing, while the MACD moving into positive territory boosts confidence that buying momentum is intensifying. If buying pressure persists, Gold is poised for higher gains.
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The 15-minute Gold chart reflects signs of recovery as the Stochastic indicator signals a rebound from the oversold area. This rebound is often interpreted as the beginning of a bullish movement, where selling pressure begins to wane and buyers regain market dominance. With this signal, Gold has the potential to continue its rise, testing the resistance level at $2,802.
Technical Reference: buy as long as it’s above 2,785.00
Potential Take Profit 1: 2,798.00
Potential Take Profit 2: 2,802.00
Potential Stop Loss 1: 2,790.00
Potential Stop Loss 2: 2,785.00
