Gold continues to present solid prospects as a dominant bullish trend influences price movements. The bullish channel pattern observed on the H1 time frame strongly indicates that the upward momentum is still ongoing. Currently, prices are stabilizing above the Moving Average (MA) 24 line, which serves as a dynamic support level. As long as prices can remain above MA 24, there is potential for increases toward the nearest resistance level.
From a technical viewpoint, market participants are encouraged to monitor price movements near MA 24 as a main point of reference. If prices continue to stay above this level with increasing volume, the opportunity to sustain a bullish trend will grow stronger.
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The bullish structure in Gold is becoming increasingly apparent, supported by prices remaining above the Moving Average (MA), indicating stable upward momentum. Additionally, the Stochastic indicator situated in the oversold region on the 15-minute timeframe suggests a potential rebound in the near future. This scenario creates an opportunity for buyers to enter the market with the expectation of higher prices testing the resistance at 3.055.
Technical Reference: buy while above 3.027
Potential Take Profit 1: 3.05
Potential Take Profit 2: 3.050
Potential Stop Loss 1: 3.029
Potential Stop Loss 2: 3.023
