The price of Gold is trending upwards, aligning with the technical overview from Europe. This uptrend is supported by a strong breakout from the Flag Pattern, which serves as a robust bullish signal. This pattern indicates the end of the previous consolidation phase, creating a pathway for Gold to continue its upward trend. The recent breakout signals the initial onset of buyers gaining control in the market, driving prices towards higher levels.
Further confirmation comes from technical indicators. The Moving Average (MA) shows that the Gold price is currently stabilized above the main trend line, suggesting solid bullish support. Meanwhile, the MACD reinforces positive momentum as the MACD line crosses above the signal line, and the histogram expands in the positive zone. The combination of this breakout pattern and supportive indicators provides a strong signal that Gold has the potential to continue rising.
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In the 15-minute time frame, the Gold price also stands a chance to strengthen as the MA indicator is positioned below the current price, indicating that the upward potential may persist. Additionally, a bullish channel is forming on the chart, further inciting upward movement. If this scenario unfolds as anticipated, Gold prices could approach the resistance level at $2,696.
Technical Reference: buy as long as it remains above 2,675.00
Potential Take Profit 1: 2,692.00
Potential Take Profit 2: 2,690.00
Potential Stop Loss 1: 2,680.00
Potential Stop Loss 2: 2,675.00
