Gold prices have exhibited a downward trend, testing the pivotal support level at 1913.15. This movement has been influenced by the presence of negative momentum in the stochastic indicator. However, it is noteworthy that the indicator is gradually accumulating positive momentum, which could potentially catalyze the resumption of a bullish trajectory. The upcoming target for this bullish momentum lies at 1929.00, followed by a subsequent target at 1945.20.
As a result, the scenario of a bullish trend remains in play. It’s important to monitor the situation closely, as a breach of the 1913.15 support level could signal a deviation from the anticipated upward movement, potentially leading to a decline in price.
The projected trading range for today encompasses a support level of 1900.00 and a resistance level of 1930.00.
Expected trend for today: Positioned for Bullish Movement
