Gold prices closed positively yesterday, opening today with a further rise as they breached the $2,635.06 mark. This upward movement aims to establish a foothold above this level, which would halt the previous bearish correction and eliminate the formation of a double top pattern. As a result, gold is expected to resume its main bullish trend, with initial targets set at $2,668.00 and extending to $2,688.00.
Given this context, a bullish bias is anticipated for today. However, should prices fall below $2,635.06, the correctional bearish trend may resume, leading to a potential decline towards the $2,603.90 area.
The anticipated trading range for today is between a support level of $2,630.00 and a resistance level of $2,670.00.
Trend Forecast: Bullish
