The price of gold exhibited a robust upward movement at the commencement of today’s trading, reaching and attempting to breach the awaited target at 2009.30. Notably, the closing of the last four hours’ candlestick above this level adds strength to the potential continuation of the bullish momentum in the intraday and short-term perspective. The subsequent target is positioned at 2030.00.
The expected bullish wave is well-organized within the confines of a bullish channel, receiving support from the EMA50. It is essential to monitor the price action closely, with a break below 2009.30, followed by 1997.50, potentially halting the anticipated rise and instigating a bearish wave in the intraday context.
Today’s projected trading range is anticipated to be between the support level of 1995.00 and the resistance level of 2030.00.
The prevailing trend for today is forecasted as bullish, subject to market dynamics.
