The price of gold surged after breaking through the Descending Triangle pattern on the 1-hour chart, reaching an all-time high of around $3,167 per troy ounce.
The Descending Triangle is typically considered a bearish formation; however, a consistent breakout above the upper boundary can present considerable upward movement opportunities, roughly 490 pips. This suggests that from the breakout point, gold could potentially rise by 490 pips, targeting approximately $3,172 per troy ounce.
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The Stochastic indicator has also entered the oversold region, signaling a potential rebound.
On the 15-minute chart, Stochastic is showing an upward trend from the oversold territory, reinforcing the bullish rebound signal for gold.
Technical Reference: buy while above $3,118
Potential Take Profit 1: $3,142
Potential Take Profit 2: $3,172
Potential Stop Loss 1: $3,118
Potential Stop Loss 2: $3,100
