The price of Gold has been fluctuating around $3,000 per troy ounce at the start of European trading on Monday (April 7, 2025), following a drop to $2,970 per troy ounce earlier in the morning. Nevertheless, Gold successfully met its initial profit target as outlined in the European Technical Overview, reaching approximately $3,016 per troy ounce.
There has been no change in the technical analysis this evening since Gold has begun to rise again after hitting this profit target. On the 1-hour chart, Gold continues to trade below the 50 Moving Average (MA50). Previously, the 20 MA crossed below the 50 MA from above, which is often interpreted as a sell signal by traders.
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On the 15-minute chart, Gold remains constrained within a Bearish Channel, indicating a significant potential for further declines. Moreover, the Stochastic indicator has reached the overbought territory and is beginning to move downward. The $3,016 level once again serves as the initial profit target.
Technical References: sell while below $3,060
Potential Take Profit 1: $3,016
Potential Take Profit 2: $3,000
Potential Stop Loss 1: $3,060
Potential Stop Loss 2: $3,075
