Closing above the 2016.90 level in the previous session, the gold price exhibits signs of a potential rebound as it opens today with added optimism. The current positive momentum aims to challenge the resistance of a minor bearish channel evident on the chart, thereby forming a prospective bullish flag pattern. This pattern, if confirmed, may propel the price into further positive trades in the upcoming sessions, setting its sights on the 2065.70 areas.
Consequently, a bullish bias is suggested for the day ahead, with a pivotal point identified at 2031.50. A breach of this level is anticipated to fortify expectations for an upward trajectory, facilitating the journey toward the envisaged target. Conversely, a breach of the 2016.90 level, followed by sustained trading below it, could rekindle the correctional bearish trend. The subsequent main target in this scenario is positioned at 1977.46.
The anticipated trading range for today is expected to oscillate between the support at 2010.00 and the resistance at 2045.00.
In summary, the prevailing trend for today leans toward the bullish side, contingent upon breaching the 2031.50 level. Traders are advised to monitor these key levels for potential shifts in market dynamics.
