Gold is showing strong potential for further increases after reaching a new all-time high in the previous session. From a technical perspective, the Bollinger Bands are beginning to widen upward, indicating an increase in volatility as buying pressure dominates. Currently, the price of Gold is trading above the middle line of the Bollinger Bands, suggesting that the bullish trend remains intact.
In addition, the MACD indicator is providing a positive confirmation, with the signal line continuously moving upwards and the histogram gaining strength in the positive zone. This serves as an indication that the upward momentum is solid and could persist in the upcoming sessions.
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Gold is expected to show potential for further gains during the midday session as both the Moving Average (MA) and the Zigzag indicator validate the bullish trend on the 15-minute time frame. The price remaining above the MA signifies strong momentum, while the Zigzag indicator reveals higher highs that strengthen the upward signal at 3.092.
Technical References: buy as long as it remains above 3.066
Potential Take Profit 1: 3.086
Potential Take Profit 2: 3.092
Potential Stop Loss 1: 3.073
Potential Stop Loss 2: 3.066
