The price of gold exhibited limited movements in the recent session, maintaining its position within the defined parameters of resistance at 2065.70 and support at 2037.50. This narrow trading range sustains our neutral stance, awaiting a decisive breach of either level to provide clarity on the metal’s next trajectory.
It is essential to underscore that surpassing the resistance barrier would signal a halt to the ongoing bearish correction, potentially reinstating the primary bullish trend. Such a development could pave the way for the attainment of positive targets, commencing at 2100.00 and extending to 2144.60. Conversely, a breach of the support level would introduce negative implications, prompting a test of the 2016.90 mark initially. A decisive breach of this level holds the potential to extend the corrective bearish wave, with a target set at 1977.46.
As the gold market awaits a confirmation signal, traders and investors are advised to monitor the price closely and be prepared for potential shifts based on the breach of resistance or support levels.
The anticipated trading range for today is expected to fluctuate between the support at 2030.00 and the resistance at 2070.00. The overall trend for today is deemed neutral, with the market poised for a directional move pending a decisive breach of the established levels.
