Gold price concluded yesterday’s trading session on a notably positive note, breaching the $2160.00 level and reigniting the positive scenario. Today commenced with a sharp ascent, surpassing the positive target of $2200.00 and reaching new historical highs at $2222.85. This milestone paves the way for continued upward momentum, with potential for further gains in both the short-term and medium-term, with the next target set at $2235.00.
The EMA50 provides additional support for the suggested bullish wave, although some temporary sideways fluctuations may occur, influenced by stochastic negativity, before resuming positive trades. Notably, a break below $2195.00 could halt the current upward trajectory, potentially leading to temporary bearish correction.
Today’s anticipated trading range is projected between the support level at $2190.00 and the resistance level at $2230.00.
Trend Forecast: Bullish
The forecast maintains a bullish outlook for the gold market, highlighting potential opportunities for investors and traders to capitalize on upward movements. Monitoring key support and resistance levels remains crucial for navigating market dynamics effectively amidst ongoing volatility.
