The price of gold is currently encountering resistance around the 1929.00 level, struggling to confirm a breach. As a result, the price has retraced bearishly while finding support from the intraday bullish trend line evident on the chart. It’s worth noting that the stochastic oscillator is once again signaling positive momentum.
This resurgence of positive momentum is expected to motivate the price to resume its bullish trajectory and eventually break above the aforementioned 1929.00 level. Such a move would pave the way for an advance toward the next significant target at 1945.20.
Consequently, the overall scenario maintains its bullish outlook for the foreseeable future. It’s important to monitor two key support levels, namely 1919.80 and 1913.15. Breaching these levels could potentially halt the anticipated rise and prompt a reversal toward lower price levels.
For today’s trading activities, the expected range is likely to fluctuate between support at 1913.00 and resistance at 1940.00.
In summary, the current trend leans toward a bullish sentiment, contingent upon the price holding above 1919.80 and eventually surpassing 1929.00, which would enable it to move closer to the 1945.20 target.
