The price of Gold is showing signs of recovery after touching the lower area of the Bollinger Band, which typically serves as a strong support zone. Technically, when the price hits the lower boundary of the Bollinger Band, the chances of a rebound increase as selling pressure begins to ease.
Additionally, the Stochastic indicator displays an oversold condition, suggesting that the price has been under excessive selling pressure and may have the potential to rise. If the Stochastic begins to show an upward crossover, this could serve as an early signal of a stronger trend reversal.
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The Commodity Channel Index (CCI) indicates a recovery signal after emerging from an oversold condition in the 15-minute timeframe, pointing towards a potential short-term rise in Gold’s price. A CCI that breaks above the -100 level often signifies the initial signs of momentum change, especially when coupled with increasing volume and bullish candlestick patterns. Should the price succeed in breaking through the nearest resistance, Gold is poised to test the 3,050 level.
Technical Reference: buy as long as it is above 3,014
Potential Take Profit 1: 3,045
Potential Take Profit 2: 3,050
Potential Stop Loss 1: 3,021
Potential Stop Loss 2: 3,014
