Gold prices showed resilience as they closed above the crucial $2340.10 mark yesterday, signaling a potential bullish trend in the intraday and short-term outlooks. Analysts are now eyeing a breakthrough of the $2365.00 barrier to pave the way for a move towards the next target at $2400.00.
Technical indicators, however, suggest a possible temporary consolidation phase due to current stochastic negativity. This could lead to sideways trading before the anticipated upward momentum resumes. The bullish sentiment is reinforced by the EMA50 indicator, which continues to support prices from below.
In the event that the $2340.10 support level is breached, analysts caution that this could derail the positive trajectory, subjecting the price to renewed bearish pressure.
The anticipated trading range for today is expected to oscillate between the $2345.00 support level and the $2380.00 resistance level, reflecting ongoing market volatility amidst mixed technical signals.
Investors and traders are advised to monitor these key levels closely for potential trading opportunities as market dynamics unfold throughout the day.
