Gold has successfully breached the resistance of the bearish channel, indicating a possible trend reversal towards a bullish phase. This breakout is validated by the Moving Average (MA), with prices moving above the MA line, signaling the strength of buyers. Furthermore, the MACD has provided a bullish signal through the crossover with the signal line, highlighting an increasing upward momentum. This combination suggests that buying pressure is rising, giving Gold the chance to continue its rally towards the next resistance level.
If Gold maintains its position above the breakout zone, the potential for growth could become even stronger. The immediate upward target is positioned near a robust resistance level, where profit-taking may occur. However, if buying pressure prevails and trading volume escalates, Gold stands a good chance of surpassing this resistance and extending the bullish trend.
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Gold may continue its decline after a bearish channel formed on the 15-minute timeframe, indicating the prevalence of selling pressure in the short term. The MACD indicator further amplifies the bearish signal with the MACD line positioned below the signal line, accompanied by a negative histogram that reflects an increasing selling momentum. Should prices remain trapped within the bearish channel and fail to break the nearest resistance line, Gold could potentially decline further to test the support level of $2,843.
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
