Gold price experienced a substantial decline in the previous session, coming within a few pips of reaching our anticipated target at 1913.15. Notably, the price has exhibited a clear upward rebound from this level, with indications pointing to the development of a bullish wave. Our initial target in this scenario is set at 1929.00, and surpassing this level is expected to propel the price towards the next significant target at 1945.20.
Hence, today’s outlook leans towards a bullish bias, with support from the current positive momentum in the stochastic indicator. However, it should be noted that breaching the level at 1913.15 would halt the suggested ascent, potentially leading to further intraday losses.
The expected trading range for today is likely to be between support at 1910.00 and resistance at 1940.00.
Anticipated Trend for the Day: Bullish
