The price of gold is showing signs of potential increase, driven by the formation of a bullish channel on the hourly chart above. This channel illustrates a pattern of price movement that is increasingly directed upwards, suggesting that the market possesses a bullish momentum. Additional technical signals, such as the price being above the 24-period Moving Average (MA), reinforce the notion that the medium-term trend leans towards bullish.
Moreover, the MACD indicator is also providing a positive confirmation, with the MACD line positioned above the signal line, indicating that the upward momentum of gold is gaining strength.
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In the 15-minute time frame, gold shows opportunities for strengthening as the Stochastic indicator rests in the oversold territory, indicating that selling pressure is beginning to diminish and the likelihood of a direction reversal (rebound) is increasing. If this scenario plays out as anticipated, the price of gold could approach the resistance level at $2,674.
Technical Reference: buy while above 2,647.00
Potential Take Profit Level 1: 2,670.00
Potential Take Profit Level 2: 2,674.00
Potential Stop Loss Level 1: 2,650.00
Potential Stop Loss Level 2: 2,647.00
