Gold is displaying significant signs of resurgence after successfully breaking out of a bearish channel. In recent trading sessions, Gold’s price has exceeded previous barriers that had hindered its upward movement, suggesting a strong potential for bullish trends.
Technical analysis reveals that the Moving Average (MA) has provided positive signals, with the short-term MA crossing above the long-term MA. This is often perceived as a bullish signal indicating that an upward trend may continue. Moreover, the MACD (Moving Average Convergence Divergence) indicator is also demonstrating strengthening momentum, with the MACD line moving above the signal line, further reinforcing the belief that Gold prices will continue to rise.
On the 15-minute chart above, Gold continues to show potential for bullish movement as the upward trending Bollinger Bands may support Gold’s rise. If the aforementioned scenario materializes, Gold could potentially rise towards the resistance level of $2,638.00 per troy ounce.
Technical Reference: buy while above 2,638.00
Potential Take Profit 1: 2,634.00
Potential Take Profit 2: 2,638.00
Potential Stop Loss 1: 2,619.00
Potential Stop Loss 2: 2,614.00
