The price of gold has recently leaned on the $2340.10 level and has commenced positive trades, poised to confront the EMA50, which acts as a formidable resistance at $2360.00. The anticipation is for a breach of this resistance level, thereby reinforcing expectations for a continuation of the bullish trend in the forthcoming period. It’s worth noting that our projected targets commence at $2410.00, followed by $2450.00.
Sustaining levels above $2340.10 holds pivotal importance for the prospective upward movement. However, a breach of this level could instigate additional bearish correction, potentially targeting $2272.05.
Expected Trading Range: Support at $2340.00, Resistance at $2380.00
The expected trading range for gold is anticipated to oscillate between a support level of $2340.00 and a resistance level of $2380.00.
Trend Forecast: Bullish
The trend forecast for gold remains bullish, with positive momentum expected to drive the price towards higher levels. Traders should keep a close eye on key support and resistance levels for potential entry and exit points.
