The bullish trend for Gold persists into the evening, characterized by the establishment of a consistent upward channel. Prices are moving in a pattern of higher highs and higher lows, reflecting the predominant buying strength in the short-term market. The Moving Average (MA) line, which is beginning to incline, further confirms the trend’s direction, acting as a dynamic support that maintains the integrity of the upward structure. As long as prices remain above the MA and do not breach the lower channel limit, the outlook for continued upward movement remains very promising.
Technical support is reinforced by signals from the MACD indicator, where the MACD line sits above the signal line and consistently moves in the positive territory. The rising MACD histogram indicates that buying momentum is still robust, showing no signs of weakening. The combination of a supportive price structure, an upward-moving MA, and bullish MACD signals strengthens the expectation that Gold is likely to continue rallying towards the next resistance level.
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Gold is exhibiting signs of a trend reversal following a successful break above the bearish trend on the 15-minute time frame, opening up prospects for further strengthening in the short term. Technical signals become increasingly favorable as the Parabolic SAR indicator shifts below the prices, indicating a momentum change towards bullish. The price movement begins to form a pattern of higher lows and stabilizes above the breakout level, boosting the potential for a continued rally testing 3,385.
Technical Reference: buy while above 3,320
Potential Take Profit 1: 3,375
Potential Take Profit 2: 3,385
Potential Stop Loss 1: 3,332
Potential Stop Loss 2: 3,320
