Gold is showing signs of recovery as it bounces back from the lower Bollinger Bands, suggesting a potential reversal of the previous bearish trend. The price movement returning upwards after touching this support level indicates that the selling pressure is easing, creating opportunities for Gold to continue its ascent.
The bullish signal is further reinforced by the MACD indicator, which is beginning to exhibit signs of a positive crossover. The MACD line approaching the signal line may serve as an early indication of a momentum shift towards the upside.
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The MACD indicator on the 15-minute timeframe has confirmed a bullish signal, showing that the bullish momentum is gaining strength and providing an opportunity for Gold to move higher. A positive crossover between the MACD line and the signal line indicates an initial sign that buying pressure is starting to dominate the market. Additionally, the MACD histogram moving into positive territory further emphasizes the potential for price increase testing the resistance at 2,896.
Technical Reference: buy as long as above 2,845.00
Potential Take Profit 1: 2,888.00
Potential Take Profit 2: 2,896.00
Potential Stop Loss 1: 2,852.00
Potential Stop Loss 2: 2,845.00
