Gold prices kick off the day on a positive note, edging closer to the awaited extended target at 2055.00. The market endeavors to validate its breach beyond the resistance of the intraday bullish channel visible on the chart. Confirmation of this breakout is anticipated to provide the positive impetus needed to sustain the upward trajectory, aiming for additional gains up to 2075.25.
The support of the Exponential Moving Average (EMA50) remains a steadfast contributor to the suggested bullish wave. However, it’s crucial to note that a failure to overcome the prevailing resistance, approximately at 2047.00, may trigger a corrective move, guiding the price towards the key support level at 2009.30 before any subsequent bullish attempts.
The projected trading range for the day is expected to fluctuate between the support at 2030.00 and the resistance at 2065.00.
Anticipated Trend for Today: Bullish
