Gold has shown an upward movement, aligning with the European technical analysis, driven by the establishment of a bullish channel on the hourly chart above. This channel illustrates a pattern of price movement that is increasingly directed upwards, indicating that the market is exhibiting a bullish momentum. Additional technical signals, such as the price being above the 24-period Moving Average (MA), further bolster the outlook that the medium-term trend is leaning towards bullish.
Moreover, the MACD indicator also signals a positive trend, with the MACD line situated above the signal line, suggesting that the strength of Gold is gaining traction.
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On a 15-minute time frame, Gold is poised for further gains since the MA indicator is positioned below the current price, indicating that the potential for an upward trend continues, supported by trendline conditions indicating a bullish continuation. If this scenario progresses as anticipated, Gold prices could approach the resistance level at $2,682.
Technical Reference: buy while above 2,656.00
Potential Take Profit 1: 2,677.00
Potential Take Profit 2: 2,682.00
Potential Stop Loss 1: 2,662.00
Potential Stop Loss 2: 2,656.00
