The price of Gold is signaling a bullish trend during the European session this afternoon as it breaks through the upper limit of the Bollinger Bands, indicating the potential for further increases. This breakout confirms a heightened buying interest in the market, supported by favorable technical conditions. The stable price position above the psychological level of $2,700 provides additional momentum for Gold to continue its upward trend.
The MACD indicator further reinforces the bullish momentum, with the MACD line positioned above the signal line and the histogram consistently registering positive values. This indicates that buying pressure remains dominant.
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On the 15-minute chart above, Gold is starting to show signs of an increase as the moving average (MA) continues to move below the running price, indicating a continuous upward trend. The MACD indicator also shows bullish conditions that strengthen the increasing buying momentum. If this scenario unfolds as predicted, Gold’s price could move toward the resistance level at $2,735.
Technical References: buy while above 2,710.00
Potential Take Profit 1: 2,730.00
Potential Take Profit 2: 2,735.00
Potential Stop Loss 1: 2,715.00
Potential Stop Loss 2: 2,710.00
