The price of Gold continues to advance in a bullish trend, bolstered by strong signals from technical indicators. The consistent positioning of the price above the 24-period Moving Average (MA) line indicates that the bullish momentum remains intact. Furthermore, the MACD indicator enhances the positive outlook with an increasing positive histogram, signaling significant buying pressure.
The bullish trend is additionally supported by the movement pattern within a bullish channel, providing a foundation for Gold to challenge the next level of resistance. Should the price successfully break through the resistance at $2,967, the potential for upward movement towards higher levels becomes increasingly viable.
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On the 15-minute time frame, the price of Gold appears poised for further gains as the MA indicator lies below the current price, suggesting that upward potential is likely to continue. The formation of a bullish channel on the 15M time frame further enhances the chances of continued price appreciation. If this scenario unfolds as anticipated, Gold’s price could advance toward the resistance level at $2,698.
Technical Reference: buy as long as the price remains above 2,673.00
Potential Take Profit 1: 2,693.00
Potential Take Profit 2: 2,698.00
Potential Stop Loss 1: 2,678.00
Potential Stop Loss 2: 2,673.00
