The price of gold is currently consolidating around the EMA50 (Exponential Moving Average 50) with clear positive momentum indicated by the stochastic oscillator. This sets the stage for a potential continuation of the expected bullish trend in the intraday perspective, targeting the next significant level at 2065.70.
As long as the price remains above the support level at 2010.00, the bullish scenario is likely to persist in the coming sessions. However, a break below the support at 2016.90 could signal a halt to the upward movement, opening the door for additional bearish correction. In this case, the next downside target would be 1977.46.
The anticipated trading range for the day is expected to oscillate between the support at 2010.00 and the resistance at 2045.00.
Overall, the current trend remains bullish, contingent on the key support levels holding firm, but traders should monitor the critical breakout level at 2016.90 for potential shifts in market dynamics.
