The price of Gold is showing strong signals for a rebound during this afternoon’s European session, following a touch of the lower Bollinger Bands. This situation suggests that selling pressure has reached saturation, creating opportunities for buyers to regain control of the market. The Stochastic indicator being in the oversold zone further strengthens this potential, providing an early signal that bullish momentum may soon develop.
From a technical perspective, Gold is currently moving in a short-term consolidation pattern while maintaining an overall upward trend. The Bollinger Bands, which are starting to tighten, indicate the potential for a significant movement soon, with chances for prices to test higher resistance levels again.
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On the 15-minute chart above, Gold is beginning to show signs of upward movement as the moving average is sharply rising, indicating that the trend remains strongly bullish. The MACD indicator is also displaying bullish conditions, indicating that buying momentum is increasing. If this scenario unfolds as expected, the price of Gold could move towards the resistance level at $2,767.
Technical Reference: buy while above 2,740.00
Potential Take Profit 1: 2,762.00
Potential Take Profit 2: 2,767.00
Potential Stop Loss 1: 2,745.00
Potential Stop Loss 2: 2,740.00
