Gold may face a corrective phase after being rejected from the upper boundary of the Bollinger Bands, indicating a strong resistance level at that point. The Commodity Channel Index (CCI) has also entered the overbought zone, reinforcing the likelihood of a reversal.
This situation suggests that prices are reaching a saturation point, which often triggers profit-taking activities among market participants. Should selling pressure persist, Gold could potentially test key support levels around the 24-period Moving Average (MA), which has historically acted as a dynamic level in price trends.
Recommended
Recommended
Recommended
Recommended
The Stochastic indicator on the 15-minute timeframe reveals an overbought condition, signaling a potential price correction for Gold in the near term. When Stochastic reaches such extreme levels, the market often loses its upward momentum and opens the door for selling pressure. If a decrease occurs, Gold may test the nearest support level at 2,898.
Technical Reference: sell if below 2,928.00
Potential Stop Loss 1: 2,922.00
Potential Stop Loss 2: 2,928.00
Potential Take Profit 1: 2,905.00
Potential Take Profit 2: 2,898.00
