The price of Gold is currently fluctuating within a sideways pattern, reflecting a market situation that is waiting for new catalysts to direct future movements. However, beneath this sideways action, technical indicators are beginning to hint at a bullish direction. The Moving Average (MA) lines, especially on the intraday timeframe, are starting to flatten out and show an upward trend, indicating that selling pressure is beginning to ease. This consolidation phase could be a precursor to a further rise in prices.
Meanwhile, the MACD indicator is beginning to display positive signals, with the MACD line approaching or even crossing above the signal line. This suggests that buying momentum is gradually forming amid a relatively calm market environment.
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Gold shows signs of recovery during the afternoon session after bouncing off the lower Bollinger Bands area on the 15-minute timeframe, indicating potential short-term reversal. This rebound is supported by the Stochastic indicator’s position in the oversold area, beginning to move upward, providing an early signal that selling pressure is subsiding and buyers are re-entering the market. If this momentum continues, Gold has the potential to rise towards the resistance level of 3,245.
Technical Reference: buy above 3,198
Potential Take Profit 1: 3,238
Potential Take Profit 2: 3,245
Potential Stop Loss 1: 3,206
Potential Stop Loss 2: 3,198
