Gold price encountered a brief spell of downward pressure, testing the 1873.50 level. Notably, stochastic indicators are currently signaling a clear positive trend, while the EMA50 continues to provide unwavering support to the price. These factors enhance the likelihood of a resurgence in the bullish wave with an initial target set at 1913.15.
As it stands, the bullish scenario is anticipated to remain active in the near term. However, it is crucial to bear in mind that should the price fail to consolidate above 1873.50, this could trigger a reversal towards a bearish wave, which would aim for its primary target at 1838.35.
Today’s projected trading range is expected to fluctuate between the support level of 1860.00 and the resistance at 1895.00. The overall trend for the day is poised to be bullish, hinging on the prevailing conditions described above.
