The price of Gold is once again showcasing its strength in the global market. In the latest trading session, this precious metal is approaching levels near its record high, bolstered by technical signals that suggest further potential gains.
Breakout from the upper threshold of a recent consolidation pattern and bullish signals on the Moving Average Convergence Divergence (MACD) indicator are primary factors fueling investor optimism.
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In the 15-minute chart presented above, Gold is beginning to display signs of upward movement as the moving averages are sharply trending upwards, indicating that the bullish trend remains strong. The MACD indicator also shows a bullish condition, reinforcing that buying momentum is on the rise. If this scenario unfolds as anticipated, the price of Gold could progress towards the resistance level at $2,785.
Technical Reference: buy as long as it stays above 2,760.00
Potential Take Profit 1: 2,780.00
Potential Take Profit 2: 2,785.00
Potential Stop Loss 1: 2,765.00
Potential Stop Loss 2: 2,760.00
