Gold prices surged significantly yesterday, reaching and surpassing the anticipated target of $2,400.00. This level was breached, with the daily candlestick closing above it, signaling a strong continuation of the bullish trend for the upcoming sessions. This breakthrough paves the way for gold to approach its historical high of $2,450.00, which now stands as the next major target.
We foresee a further rise in gold prices in the near term, bolstered by the support of the 50-day exponential moving average (EMA50). However, a dip below $2,400.00 could introduce short-term negative pressure, potentially driving the price down to test the $2,340.10 area before any renewed upward movement.
For today, the expected trading range is between the support level of $2,395.00 and the resistance level of $2,435.00.
