Gold prices concluded yesterday’s trading session above the pivotal level of 1977.25, thereby validating the breakout and signaling a resurgence of the anticipated bullish trend in the intraday context. The next milestones in sight include a journey towards 2000.00, followed by 2016.90 levels as the primary targets.
It’s noteworthy that the price’s movement is significantly influenced by the presence of a bullish flag pattern, which was solidified after the successful breach of the aforementioned resistance level. This pattern fortifies the prospects of achieving further gains in the upcoming sessions. The bullish outlook is further supported by the EMA50, which now acts as an additional tailwind, having crossed the price from beneath. It’s essential to be aware that breaking below 1977.25 would negate the positive scenario, potentially subjecting the price to negative pressures.
For today’s trading activities, market experts anticipate a trading range spanning from the 1975.00 support level to the 2005.00 resistance level, underscoring the current bullish sentiment in the gold market. Investors are closely monitoring these developments as they navigate the evolving price dynamics.
