Gold prices experienced a temporary decline in yesterday’s trading session and approached the key support level at 2016.90. It is noteworthy that the price has risen again to settle above the EMA50, preserving the validity of the bullish trend scenario on the intraday basis. The next target for this scenario is at 2065.70.
It is essential to observe that breaching the aforementioned target will confirm the resumption of the main bullish trend, aiming for additional gains with a target at 2100.00. Conversely, breaking the support level at 2016.90 will prompt the price to continue the bearish correction, targeting 1977.46 as the next correctional objective.
The expected trading range for today is between the support level at 2020.00 and the resistance level at 2055.00.
In summary, gold prices are currently approaching a crucial support level, and traders are advised to monitor the key levels for potential trading opportunities. The overall trend remains bullish unless the support is decisively breached.
