The price of gold has successfully broken through the resistance of the bearish channel, indicating a potential trend shift towards bullish territory. This breakout is supported by the Moving Average (MA), with the price moving above the MA line, showing a strong presence of buyers. Similarly, the MACD has provided a bullish signal through a crossover of the signal line, indicating a strengthening upward momentum. As a result of these factors, buying pressure is increasing, creating a promising opportunity for gold to extend its rally to the next resistance level.
If gold maintains its position above the breakout area, the ascending potential could become even more robust. The nearest target for gains is around the strong resistance level, where profit-taking actions may occur. However, if buying pressure persists and trading volume increases, there is a possibility for gold to break through this resistance and continue its bullish trend.
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Gold displays potential for increases following the establishment of a bullish channel on the 15-minute timeframe, further confirmed by the MACD indicating positive momentum. The price movement remaining within the ascending channel showcases the strength of buyers, while the MACD positioned above the signal line signifies intensifying buying pressure. Should the price hold above the support channel, gold stands a good chance to continue its ascent towards resistance at $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
