Gold prices saw significant gains recently, surpassing the $2340.10 mark and settling above it. This upward movement has effectively halted the previous correctional bearish trend, signaling a potential continuation of the primary bullish trajectory. Analysts anticipate further increases in the near term and intraday sessions, with initial targets set at $2385.00 and a broader aim to challenge the historical high of $2450.00.
Looking ahead, a decisive break above $2340.10 is expected to sustain upward momentum. Conversely, failure to maintain this level could prompt a decline towards the next corrective support level around $2272.06.
Expected Trading Range: The anticipated trading range is projected between support at $2345.00 and resistance at $2385.00.
The overall trend forecast remains bullish, supported by recent price actions and technical indicators pointing towards continued upward movement in the gold market.