The gold market has once again captured traders’ attention as it showcases considerable upward potential. The recent breakout from the Flag Pattern that had formed signals an early indication that gold is likely to rise further. This pattern is typically recognized as a bullish continuation signal following a consolidation phase.
Moreover, additional backing comes from the Moving Average (MA) and MACD indicators that are in alignment, confirming a positive momentum. The MA indicates that gold prices are still trading above the main trend line, suggesting a robust and stable bullish sentiment. Meanwhile, the MACD line, positioned above the zero mark, reinforces the belief that the upward trend continues to prevail.
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On the 15-minute time frame, gold prices have a likelihood of strengthening as the MA indicator is below the current price, suggesting that the potential for an upward movement is ongoing. Additionally, a bullish channel is forming on the 15M time frame, further triggering the likelihood of continued gains. If this scenario unfolds as expected, gold prices could approach the resistance level at $2,690.
Technical Reference: buy when above 2,690.00
Potential Take Profit 1: 2,685.00
Potential Take Profit 2: 2,690.00
Potential Stop Loss 1: 2,673.00
Potential Stop Loss 2: 2,670.00
