Gold prices have recently experienced significant negative pressures, but these have been countered by strong support at the EMA50, setting the stage for a rebound. The precious metal is currently poised to test the $2,483.40 mark, which is the initial target. A breakthrough of this level could pave the way for gold to reach $2,500.00 directly.
Given these developments, the forecast remains bullish for the near term. However, a decline below the $2,420.00 level could alter the outlook. Such a move would introduce negative pressures, with potential support levels at $2,385.00 and further down at $2,324.55 if the initial support is breached.
For today, the anticipated trading range is between $2,430.00 for support and $2,470.00 for resistance.
Trend Forecast: Bullish
