The price of Gold soared by over $100 (1,000 pips) during trading on Wednesday and continued to rise by more than 300 pips, reaching $3,132 per troy ounce. This significant increase indicates strong upward momentum in the market. On the hourly chart, the 20-period Moving Average (MA 20) has crossed the 50-period Moving Average from below, signaling a bullish trend;
However, the Stochastic indicator is currently in the overbought region, suggesting a potential for correction.
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On the 15-minute chart, Gold is moving within a Bullish Channel and is approaching the upper boundary. The Stochastic indicator on this timeframe is trending downwards, indicating a substantial space for a short-term correction.
Technical References: sell while below $3,145
Potential Take Profit 1: $3,115
Potential Take Profit 2: $3,100
Potential Stop Loss 1: $3,145
Potential Stop Loss 2: $3,160
