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Gold Price Hits Target, Eyes Further Gains Amid Positive Momentum

by Daisy

Gold prices have reached the anticipated target of $2,700, encountering strong resistance at this level. The market is now waiting for positive momentum to develop, potentially driving the price higher within the bullish channel, with the next key resistance target set at $2,725.

Support for this bullish trend remains intact, as indicated by the 50-period Exponential Moving Average (EMA50). However, if gold breaks below the $2,672 level, the upward trend will be invalidated, and a price decline could follow.

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For today, the trading range is expected to fall between the $2,680 support and $2,720 resistance levels.

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Trend Forecast: Bullish

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