Gold prices are showing positive momentum, approaching the key resistance level at $2,526.00. This development suggests a potential resumption of the primary bullish trend and challenges the previously anticipated negative scenario. We recommend maintaining a cautious stance until the price confirms its position relative to this resistance and clarifies its next direction.
A confirmed breach of the resistance level could drive gold prices to new gains, with initial targets at $2,540.00 and further resistance expected around the $2,600.00 mark. Conversely, if prices consolidate below the resistance level, a decline may occur, with potential support at $2,483.40.
The forecasted trading range for today is between the support level of $2,500.00 and the resistance level of $2,535.00.
Trend Forecast: Neutral
