Gold prices are currently hovering near the resistance line of a bullish channel, as the market shows signs of attempting to secure more positive trades. This movement supports the likelihood of a continued bullish trend in both the intraday and short-term outlooks. Analysts anticipate that gold may test the $2,800 mark as its next target. Should the price breach this level, it could lead to further gains, potentially reaching $2,838.75.
Conversely, if gold fails to exceed the resistance line at approximately $2,790, it may signal the end of the current bullish wave. This scenario could trigger a bearish rebound, with the price then heading toward an initial test of the $2,758.40 level.
The expected trading range for today is projected to be between $2,775.00 as support and $2,810.00 as resistance.
Trend Forecast: Bullish
