Gold prices surged significantly on Tuesday, surpassing the previously anticipated target of $2742, and have started today with further gains. The price is now approaching the resistance line of the bullish channel, reinforcing expectations of continued upward momentum in the near term. Analysts are eyeing a potential target of $2790, which aligns with the most recent historical high.
With a continued bullish trend expected over the next few sessions, any break below $2740 could halt the rally, leading to a pullback toward the support line of the bullish channel around $2700 before a renewed attempt to climb.
The anticipated trading range for today is between the support at $2735 and resistance at $2770.
Trend Forecast: Bullish