Gold prices ended last week on a strong note, reaching new historical highs. This bullish momentum is expected to carry over into today, with prices potentially advancing towards the $2,510 level. This movement supports the forecast for a continuation of the primary upward trend, with the next key target set at $2,540.
In the short term, the bullish outlook is anticipated to persist, aided by the 50-day Exponential Moving Average (EMA), which is currently providing support from below. However, there might be temporary sideways movement influenced by stochastic indicators showing some negativity. A significant level to watch is $2,483.40; a breach below this could halt the upward movement and lead to a brief bearish correction.
For today, the expected trading range is between a support level of $2,485.00 and a resistance level of $2,530.00.
Trend Forecast: Bullish
