Gold prices have settled above the 1913.15 level following a recent bullish rally. This reinforces expectations of continuing the bullish trend on an intraday basis. It’s essential to remember that our next target is situated at 1945.20, and for this to occur, the price needs to surpass the minor resistance at 1929.00.
The presence of stochastic negativity today explains the negative open. However, it’s important to take into consideration that breaking the 1913.15 support will halt the expected bullish trend, causing the price to turn bearish. This would initiate a bearish wave targeting mainly 1873.50 areas.
Today’s expected trading range is between the support at 1905.00 and resistance at 1940.00, with an overall bullish trend anticipated for the day.
