Gold Price Hovers Around Moving Average, Anticipating Bullish Resumption

The gold price is exhibiting fluctuating movements around the EMA50, signaling the potential for a renewed bullish wave in the intraday and short-term perspectives, primarily targeting 2065.70.

The anticipated bullish momentum hinges on the breach of the 2038.50 level, further facilitated by the positive stance of the stochastic indicator. It is essential to note that a breakthrough above 2065.70 would disrupt the positive scenario, subjecting the price to corrective bearish pressures. In such a scenario, the market could trend towards the 1977.46 support levels.

The projected trading range for the day is expected to oscillate between the support at 2010.00 and resistance at 2045.00.

Projected Trend for Today: Bullish