Following a challenging phase within a bearish channel, Gold has finally started to display signs of recovery with the establishment of a robust bullish structure. The price has successfully breached key resistance, suggesting a potential for further gains.
Technical indicators such as Moving Average (MA) and MACD are also beginning to affirm positive momentum, indicating that selling pressure is subsiding and bullish opportunities are becoming increasingly strong. If this sentiment persists, Gold may test the next resistance level in the upcoming trading sessions.
Recommended
Recommended
Recommended
Recommended
Gold remains trapped within a bullish channel, illustrating that buying pressure continues to dominate short-term price movements. The OsMA indicator on the 15-minute timeframe is providing positive signals, indicating that the upward momentum is still intact. If the price can maintain its position above the support area in this channel, there is a favorable chance of extending the rally to the resistance level of 2.938.
Technical Reference: buy while above 2.892.00
Potential Take Profit 1: 2.928.00
Potential Take Profit 2: 2.938.00
Potential Stop Loss 1: 2.900.00
Potential Stop Loss 2: 2.892.00
