The price of Gold is still exhibiting a robust bullish momentum this evening, solidifying an ongoing upward rally. The price movement pattern indicates that Gold remains within a bullish channel, bolstered by technical indicators such as Bollinger Bands and MACD, which enhance the outlook for further gains.
Bollinger Bands reflect that Gold’s price is stable above the middle line (middle band), suggesting that the upward trend is still prevailing. Meanwhile, the MACD indicator continues to register positive histograms, with the MACD line positioned above the signal line. The synergy of these indicators signals that buying pressure remains strong, paving the way for gold prices to hit new resistance levels.
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On the 15-minute chart above, Gold is beginning to exhibit signs of a rise as the moving average is sharply trending upward, indicating that the bullish trend is still strong. The MACD indicator is also highlighting a bullish condition, reinforcing the increasing buying momentum. If this scenario unfolds as anticipated, Gold prices could move towards the resistance level at $2,770.
Technical Reference: buy above 2,740.00
Potential Take Profit 1: 2,760.00
Potential Take Profit 2: 2,770.00
Potential Stop Loss 1: 2,745.00
Potential Stop Loss 2: 2,740.00
