The price of Gold is currently in an uptrend ahead of the US session tonight, suggesting the potential for further increases, supported by a bullish channel that signifies strong strengthening momentum. This bullish channel displays a consistent upward movement of prices. Additionally, technical indicators such as Moving Average (MA) and MACD further reinforce the bullish outlook for Gold.
Prices consistently staying above the 24-period MA line demonstrate that the medium-term trend is still upward, while the MACD being above the signal line indicates that the momentum for Gold’s strengthening remains robust. With the positive signals from both these indicators, Gold’s price is poised for a potential rise.
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On the 15-minute chart, the price of Gold shows potential for strengthening, as the MA indicator is below the running price, indicating that the upward potential continues. A bullish channel forming on the 15M timeframe further encourages ongoing bullish conditions. If this scenario unfolds as anticipated, Gold’s price may approach the resistance level at $2,686.
Technical Reference: buy as long as it’s above 2,668.00
Potential Take Profit 1: 2,680.00
Potential Take Profit 2: 2,686.00
Potential Stop Loss 1: 2,672.00
Potential Stop Loss 2: 2,668.00
