Gold prices experienced notable downward pressure at the start of today’s session, moving closer to the support line of the bullish channel, as depicted on the chart. The EMA50 indicator aligns with this support level, reinforcing its strength and bolstering the likelihood of maintaining the positive trend in both intraday and short-term outlooks. Adding to this optimism, stochastic indicators signal clear positive momentum.
As a result, bullish trading activity is anticipated in the upcoming sessions, with the next key target set at $2,735.00. However, traders should be cautious, as a break below $2,684.50 could trigger negative pressure, potentially initiating a bearish correction in the intraday timeframe.
For today, the expected trading range lies between the $2,685.00 support level and the $2,725.00 resistance level.
Trend Forecast: Bullish