In the gold price analysis for today, April 16, 2024, the precious metal has achieved its first anticipated target at $2393.00, signaling a positive turn in its trading. Investors now await a potential surpassing of this level, which could pave the way for a rally towards the next main target at around $2510.00.
The bullish sentiment is supported by the EMA50, indicating a favorable trajectory for the price. Investors are hopeful for new positive momentum to further drive the upward movement. However, if the price breaks below $2325.90, it may signal a reversal in the trend, potentially leading to a bearish correction with the next target around $2260.60.
Today’s expected trading range is anticipated to be between $2370.00 as support and $2410.00 as resistance.
Trend Forecast: Bullish
