The price of Gold continues to display a strong bullish trend, moving within a rising channel. As long as the price stays within this channel, the potential for an increase to $2,930 or higher remains viable. The Moving Average indicator (MA 24) plays a significant role as a dynamic support, with current prices trading above it, indicating that the upward trend is prevailing.
Moreover, the MACD provides additional confirmation with an increasing histogram and the MACD line having crossed above the signal line. This indicates that buying momentum is still robust, opening up opportunities for Gold’s price to continue its ascent. However, one should keep an eye on the support levels to anticipate any corrections that may occur before further gains can be realized.
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On the 15-minute timeframe, Gold continues to show potential for further increases, supported by the Moving Average (MA) and MACD indicators. The price remains above the MA line, signifying that the short-term trend is still bullish. Meanwhile, the MACD indicator is flashing positive signals with the MACD line positioned above the signal line, indicating an uptick in buying momentum. If this pattern holds, Gold could continue its rise towards the resistance level of 2.925.
Technical Reference: buy as long as above 2,899.00
Potential Take Profit 1: 2,920.00
Potential Take Profit 2: 2,925.00
Potential Stop Loss 1: 2,905.00
Potential Stop Loss 2: 2,899.00
