Gold is displaying significant signs of recovery after successfully breaking through a bearish channel. In recent trading sessions, Gold’s price has surpassed previously obstructive levels, indicating strong bullish potential.
Technical analysis reveals that the Moving Average (MA) has sent positive signals, with the short-term MA line crossing above the long-term MA line. This is often viewed as a bullish signal suggesting that an upward trend may continue. Additionally, the MACD (Moving Average Convergence Divergence) indicator also shows strengthening momentum, as the MACD line moves above the signal line, increasing confidence that Gold prices will keep rising.
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On the 15-minute chart above, Gold continues to indicate bullish potential due to the upward direction of the Bollinger Bands, which might support Gold’s growth. If the scenario unfolds as expected, Gold has the potential to rise towards the resistance level of $2,638.00 per troy ounce.
Technical References: buy while above 2,638.00
Potential Take Profit 1: 2,634.00
Potential Take Profit 2: 2,638.00
Potential Stop Loss 1: 2,619.00
Potential Stop Loss 2: 2,614.00
