The price of gold has shown signs of recovery after hitting a low point on the Bollinger Bands, a technical indicator commonly used to spot oversold conditions. This rebound signals a reduction in selling pressure, thereby creating opportunities for further price increments.
Additionally, the Commodity Channel Index (CCI) crossing above -100 suggests potential for continued upward movement, alongside a growing buying interest in the market.
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In the 15-minute chart displayed above, gold continues to exhibit bullish potential as Bollinger Bands hold a sideways trend, with prices lingering near the lower boundary. If the scenario unfolds as anticipated, gold may move upward toward a resistance level of $2,633.00 per troy ounce.
Technical Reference: Buy as long as it remains above 2,612.00
Potential Take Profit 1: 2,629.00
Potential Take Profit 2: 2,633.00
Potential Stop Loss 1: 2,615.00
Potential Stop Loss 2: 2,612.00
