Yesterday, gold prices demonstrated robust upward momentum, nearing our anticipated target of $2450.00. This surge reinforces expectations of a continued bullish trend in both the intraday and short-term perspectives, with potential for further gains over the longer term.
The bullish outlook is supported by the EMA50 indicator, indicating favorable conditions for upward movement. However, caution is advised upon approaching the critical resistance level at $2450.00. Historically, such levels have triggered significant sell-offs, potentially leading to sudden price declines. Conversely, failure to sustain levels above $2392.00 could reverse the bullish sentiment, exposing the metal to intraday negative pressures, with initial support expected around $2340.10.
Today’s expected trading range is anticipated between the support level of $2415.00 and the resistance level at $2450.00. Investors are advised to monitor these levels closely for potential market movements.
