Gold prices have faced some declines recently, with the drop halting at the $2,470.00 level. The price closed the daily candlestick above $2,483.40, indicating a potential shift towards positive trades. As the market opens today, there are indications that gold may resume its bullish trend, with initial targets set at surpassing the $2,500.00 barrier, potentially paving the way towards $2,540.00.
The 50-period Exponential Moving Average (EMA50) aligns with the $2,483.40 level, providing additional support. Meanwhile, stochastic indicators are showing positive signals that bolster the expectation of a rise today. However, a confirmed break below $2,483.40 could lead to further losses, potentially pushing the price to test the $2,430.00 area before any rebound attempts.
The anticipated trading range for today is between $2,475.00 (support) and $2,515.00 (resistance).
Trend Forecast: Bullish
