Gold Price Analysis:
In recent sessions, the gold price has demonstrated positive momentum, surpassing the critical level of $2340.10 and concluding the daily candlestick above it. This breakout suggests a cessation of the preceding bearish correction and a potential resurgence of the primary bullish trend.
Expected Scenario:
Market sentiment anticipates a trajectory towards gains, with initial targets set at $2410.00, followed by $2450.00 levels. A crucial milestone for realizing these objectives lies in breaching the $2365.65 mark. However, the current presence of stochastic negativity might moderate the pace of the anticipated bullish wave. Conversely, a breach below $2340.10 would interrupt the bullish trajectory, potentially leading to a renewed decline in prices.
Expected Trading Range:
The projected trading range is between the support level of $2340.00 and the resistance level of $2375.00.
Trend Forecast: Bullish
