The decline in gold prices found a temporary halt around the 1935.00 level. Presently, the price has embarked on a positive trajectory, making efforts to breach the 1945.20 level. This endeavor signifies a potential recovery and a resumption of the primary bullish trend. The price action has been influenced by the completion of a double bottom pattern, further strengthening the case for positive outcomes. The anticipated targets for this potential recovery are set at 1960.00, with extensions up to 1977.25.
Consequently, the prevailing bias for today leans towards the bullish side, with support coming from the Exponential Moving Average 50 (EMA50), which is providing upward momentum. However, it is imperative to emphasize that a failure to consolidate above 1945.20 may disrupt the bullish trend, potentially leading to intraday losses.
As traders navigate the market, it is advisable to remain vigilant for potential fluctuations. The expected trading range for today is foreseen to fluctuate between 1935.00 as support and 1965.00 as resistance.
Projected Market Trend for Today: Bullish
