The price of Gold is displaying signs of recovery after rebounding from the lower threshold of the Bollinger Bands, a technical level often regarded as a dynamic support zone. This rebound coincides with the CCI (Commodity Channel Index) indicating oversold conditions, suggesting that downward pressure is easing and the potential for an upward reversal is emerging. This combination of price bounce and oversold conditions strengthens the likelihood that Gold could continue to rise in the near term, especially if there are no new negative fundamental pressures.
Nonetheless, to affirm the continuation of an upward trend, the price must break through the nearest resistance level established in recent sessions. If this positive momentum is supported by favorable market sentiment and global economic data that promotes demand for safe haven assets, then the ascent of Gold may extend further.
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On the 15-minute timeframe, Gold exhibits potential for strengthening as the price begins to rise from the lower range near the flat lower boundary of the Bollinger Bands, indicating a consolidation phase. The Stochastic indicator is also trending upwards from oversold territory, signaling that selling pressure is diminishing and buying momentum is gradually building. These technical conditions open up opportunities for Gold to extend its gains in the short term, targeting 3.248.
Technical Reference: buy while above 3.199
Potential Take Profit 1: 3.239
Potential Take Profit 2: 3.248
Potential Stop Loss 1: 3.206
Potential Stop Loss 2: 3.199
