Gold prices have successfully breached the 1929.00 level and concluded trading yesterday above this critical point. Upon closer examination of the chart, it becomes evident that the price has formed an inverted head and shoulders pattern, signaling positive targets that extend beyond the 1945.20 level, with the potential to reach as high as 1960.00.
As such, the scenario for a bullish trend remains not only valid but also active for the upcoming period, further supported by the EMA50, which is providing upward momentum from below. However, traders should be aware that a break below the 1929.00 level could halt the anticipated rise and subject the price to intraday bearish pressure.
For today, the anticipated trading range extends from the support level at 1920.00 to the resistance level at 1950.00.
In summary, gold prices have broken a significant resistance level, signaling the continuation of a bullish trend with positive targets. Traders should closely monitor price movements and be prepared to react to potential developments, especially with regard to the specified support and resistance levels.
