Gold continues to exhibit its resilience by maintaining its movements within a bullish trajectory, backed by a solid upward trendline and technical indicators that confirm further strengthening potential. The bullish trendline, formed by a series of higher highs and higher lows, serves as a strong signal that buyers are still dominating the market.
In addition, the stability of the prices above the 24-period Moving Average (MA) reinforces the bullish sentiment, where the MA line acts as a dynamic support that keeps the upward trend intact. This condition reflects that as long as the prices remain above the MA, the likelihood for Gold to continue its ascent towards the next resistance level remains wide open.
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The bullish structure in Gold is becoming increasingly evident, supported by prices staying above the Moving Average (MA), indicating a stable upward momentum. Additionally, the Stochastic indicator, which is currently in the oversold region on the 15-minute timeframe, signals a potential rebound in the near future. This situation creates an opportunity for buyers to enter the market with expectations of higher price movements testing resistance at 3,007.
Technical Reference: buy as long as above 2,968.00
Potential Take Profit 1: 3,002.00
Potential Take Profit 2: 3,007.00
Potential Stop Loss 1: 2,976.00
Potential Stop Loss 2: 2,968.00
