The gold market opened today with a notable increase in price, breaching the $2,360.00 mark and stabilizing above it. This upward movement halts the recently suggested correctional bearish trend and indicates the start of a new bullish wave on both an intraday and short-term basis. The immediate goal is to test the $2,400.00 barrier, with potential gains extending to the recent historical high of $2,450.00.
Forecast:
Given the current trend, a bullish outlook is anticipated for today. However, it is important to note that a break below $2,340.10 could trigger a decline, leading to further bearish correction with a target of $2,272.06.
Expected Trading Range:
Support: $2,360.00
Resistance: $2,395.00
Trend Forecast: Bullish