The price of gold continues to demonstrate its resilience by remaining above the 1977.25 level, steadily progressing within a well-defined bullish channel. The price has leaned on the support line of this channel, poised to recommence the anticipated bullish trend over both the intraday and short-term timeframes. The primary targets for this bullish movement are set at 2000.00, followed by 2016.90 levels.
Stochastic indicators, despite their current negativity, offer insight into the gradual pace of the ongoing bullish wave. It is noteworthy, however, that a break below the 1977.25 level would interrupt the current positive scenario, potentially prompting a downturn with the objective of testing support around the 1945.20 regions before a renewed attempt at positive movement.
For today’s trading, the anticipated range extends from a support level at 1975.00 to a resistance level at 2005.00. The dominant trend for the day remains bullish, subject to the price’s ability to uphold levels above 1977.25.
