Bullish Momentum in Gold Likely to Continue; Breakout of Flag Pattern and MACD Signals Indicate Uptrend

The price of gold continues to display signs of rising due to a breakout from the flag pattern on the technical chart, suggesting a potential continuation of the upward trend. The bullish momentum is further supported by positive signals from the MACD indicator, where the signal line is positioned above the zero line, indicating increased buying pressure.

On the 15-minute chart, gold also reflects potential upward movement after the Moving Average (MA) provided support for price action on the technical chart. The MA, serving as a trend indicator, signals that the bullish momentum is still intact.

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Additionally, the MACD (Moving Average Convergence Divergence) reinforces this outlook with the signal line moving into positive territory, indicating an increase in buying momentum. If this scenario unfolds as anticipated, the price of gold could approach the resistance level at $2,655.

Technical Reference: buy while above 2,624.00
Potential Take Profit 1: 2,649.00
Potential Take Profit 2: 2,655.00
Potential Stop Loss 1: 2,629.00
Potential Stop Loss 2: 2,624.00