Gold continues to demonstrate a robust performance with a persistent bullish trend dominating price movements. The bullish channel developed on the H1 time frame serves as a strong indication that the upward momentum remains intact. Currently, prices are stabilizing above the Moving Average (MA) 24 line, which acts as a dynamic support level. As long as prices stay above MA 24, there is potential for growth towards the nearest resistance level.
From a technical standpoint, market participants are advised to monitor price movements near MA 24 as a key reference point. If the price continues to stay above this level with increasing volume, the likelihood of extending the bullish trend becomes even stronger.
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The bullish structure of Gold is becoming increasingly apparent, supported by prices remaining above the Moving Average (MA), indicating a stable upward momentum. Additionally, the Stochastic indicator, which is sitting in the oversold zone on the 15-minute timeframe, suggests a potential rebound in the near future. This scenario creates opportunities for buyers to enter the market with expectations of higher prices testing resistance at 3,057.
Technical Reference: buy while above 3,027
Potential Take Profit 1: 3,050
Potential Take Profit 2: 3,057
Potential Stop Loss 1: 3,035
Potential Stop Loss 2: 3,027
