Gold prices have recently tested the minor support level of $2,500. The precious metal has remained stable above this level, with the stochastic indicator approaching a positive crossover signal. This suggests a potential resumption of the anticipated bullish trend on an intraday basis, with a target of $2,540 as the next key resistance point.
Maintaining support above $2,500 is crucial for the continuation of the upward trend. A breach below this level could expose the price to additional downward pressure, potentially driving it towards the significant support level of $2,483.40 before any further positive movement can occur.
For today, the expected trading range for gold is between the support level of $2,500 and the resistance level of $2,535.
Trend Forecast: Bullish
