Gold prices have witnessed a robust upward rally, surging beyond the 2016.90 level and establishing a position above it. This ascent signifies a potential return to the bullish channel depicted on the chart, indicating a cessation of the recent bearish correction. The precious metal aims to reclaim the primary bullish trend, with a target set at 2065.70 as the next significant milestone.
The prevailing outlook for today suggests a bullish bias, with the possibility of some lateral movement influenced by stochastic negativity. It is crucial to note that a breach of the 2016.90 level could disrupt the anticipated ascent, prompting a return to the correctional bearish trajectory.
As the market unfolds, the expected trading range is anticipated to fluctuate between the support level at 2020.00 and the resistance level at 2055.00.
Overall, the expected trend for today leans towards a bullish trajectory, indicating a potential resumption of the broader upward trend in gold prices.
