Today, on July 9, 2024, the decline in gold prices found a notable support at the EMA50, marking a crucial turning point. Thipport coincided with stochastic indicators moving into oversold territory and beginning to show positive overlaps, signaling a potential upward trend starting from today’s trading session. Analysts suggest that gold is poised to resume its bullish trajectory in the near future, with a target set at $2400.00 as the next major milestone.
Key to sustaining this bullish outlook is maintaining stability above the $2340.10 mark. A breach below this level could trigger a new round of bearish corrections, potentially driving prices towards the $2272.06 support level.
The expected trading range for today remains between $2350.00 as the support level and $2385.00 as the resistance level, indicating potential volatility within this band as market forces continue to shape gold’s price movements.