According to the recent technical analysis focused on the European market, Gold prices have seen an upward trend and are currently positioned within a bullish framework following a successful breach above the upper limit of the Bollinger Bands. This breakout suggests a likelihood of further price advancement. Complementing this, the MACD indicator has also issued a bullish signal, reinforcing the prospect of continued growth for Gold prices. Together, these indicators hint at a positive momentum that could propel Gold higher in the near future.
There remains a positive sentiment influencing the market, and the demand for safe-haven assets remains robust, indicating that Gold may be on track to extend its upward trajectory. If Gold can maintain its position above the upper Bollinger Bands, it could signal an even stronger bullish phase, creating opportunities for traders to capitalize on the potential upside.
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In the 15-minute chart displayed, Gold still exhibits bullish potential as the moving average (MA) is trending upwards, indicating that the daily average is inclined to rise, while the Commodity Channel Index (CCI) is starting to recover from an oversold territory. If the aforementioned scenario unfolds, Gold has the potential to rise toward the resistance level of $2,653.00 per troy ounce.
Technical References: Buy above 2,626.00
Potential Take Profit Level 1: 2,645.00
Potential Take Profit Level 2: 2,653.00
Potential Stop Loss Level 1: 2,630.00
Potential Stop Loss Level 2: 2,626.00
