Gold prices initiated today’s trading session with a notable bullish gap, propelling the price above the critical level at 1838.35. This upward movement signifies an endeavor to reclaim lost ground and set sights on testing the 1873.50 level. As a result, a bullish bias is suggested for today.
The price’s position above the EMA50 further bolsters the positive outlook. In the event that the aforementioned level is successfully breached, it will pave the way for further gains, with the next targets situated around the 1913.15 area in the near term. However, it is important to remain vigilant, as a breach of the 1838.35 level could potentially halt the envisioned bullish momentum and prompt a reversal.
The projected trading range for the day is expected to oscillate between the support level at 1840.00 and the resistance level at 1870.00.
Today’s prevailing trend is anticipated to be bullish, underpinned by the bullish gap and potential for further upward movement.
