The current positioning of gold price above the EMA50 signals potential for further upward movement in the upcoming sessions. This reinforces the expectation of a continued rise towards the main target at 2065.70. Positive momentum is sought to help propel the price towards this target.
It is crucial for gold price to consolidate above the support level at 2016.90 in order to sustain the anticipated upward trajectory. A breach below this level could lead to a reversal, triggering additional bearish correction with the next target around 1977.46.
In terms of trading range, support is expected around 2020.00 while resistance is anticipated near 2055.00.
Overall, the outlook for today remains bullish, contingent upon maintaining consolidation above the critical support level.
