The price of gold concluded the previous week on a highly positive note, exhibiting a significant uptrend and approaching the anticipated target of 2095.00. The current market outlook suggests a continuation of positive trades, influenced by the previously formed inverted head and shoulders’ pattern. This pattern signals the potential for additional gains, with an ultimate target set at the historical high of 2144.60.
The prevailing bullish trend is expected to persist in the upcoming sessions, supported by the EMA50, which provides underlying strength to the price trajectory. It is noteworthy that a breach of the 2065.70 level could disrupt the bullish momentum, leading to a corrective bearish phase.
Investors and traders are advised to closely monitor the key support and resistance levels. Breaking below 2065.70 may prompt a shift in sentiment, initiating a bearish correction.
As of today, the projected trading range is expected to fluctuate between 2070.00 (support) and 2100.00 (resistance). These levels serve as crucial indicators for potential price movements.
In summary, gold prices continue their bullish ascent, underpinned by technical patterns and the EMA50 support. However, vigilance is essential, with a break below 2065.70 potentially signaling a shift in market dynamics.
Projected Trading Range for Today: 2070.00 (Support) – 2100.00 (Resistance)
Anticipated Trend for Today: Bullish
