Gold has faced significant selling pressure after breaking crucial support, confirming a breakdown from the bullish channel that had previously sustained its price. This decline is further reinforced by the price movement piercing through the lower boundary of the Bollinger Bands, indicating increased volatility and the potential for a trend shift. Should the price fail to re-enter the bullish channel, the bearish trend could intensify, with the next support target positioned even lower.
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The Stochastic indicator, which is currently in an overbought condition on the 15-minute timeframe, suggests a possible reversal for Gold. When this indicator enters the overbought zone, it indicates that the price has risen significantly in a short period, raising the likelihood of a correction or drop in the near term that tests the support level of 2,880.
Technical Reference: sell while below 2,930.00
Potential Stop Loss 1: 2,922.00
Potential Stop Loss 2: 2,930.00
Potential Take Profit 1: 2,890.00
Potential Take Profit 2: 2,880.00
