Gold Stalling at MA50, Potential for Further Rise

The price of gold is gradually rising again, currently facing resistance at the 50-Day Moving Average (MA 50). The upward momentum remains strong after previously breaking through the 20-Day Moving Average.

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The Stochastic indicator on the 15-minute chart has retreated from the overbought region, allowing for short-term correction possibilities. However, any correction that occurs might present a buying opportunity with a more favorable risk-reward ratio. This is due to gold breaking out of a bearish channel pattern, which increases the likelihood of further gains.

Technical Reference: Buy as long as it remains above $2,986
Potential Take Profit 1: $3,030
Potential Take Profit 2: $3,040
Potential Stop Loss 1: $2,986
Potential Stop Loss 2: $2,976