The price of Gold continued to surge on Wednesday (April 8, 2025). On the hourly chart, the 20-period Moving Average (MA 20) has crossed above the 50-period Moving Average (MA 50); this crossover is commonly seen as a buy signal among traders.
The Stochastic indicator is currently in the overbought territory, which may indicate a potential correction.
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On the 15-minute chart, the Stochastic is also in the overbought range, increasing the likelihood of a short-term pullback. Should a correction occur, it would present a favorable buy opportunity with an improved risk-reward ratio. As long as Gold remains above US$3,030, the upward trend is likely to continue.
Technical Reference: buy
Potential Take Profit 1: US$3,090
Potential Take Profit 2: US$3,100
Potential Stop Loss 1: US$3,030
Potential Stop Loss 2: US$3,020
