In a marked shift, gold price has effectively surpassed the resistance of its bearish channel, firmly establishing itself above this boundary. This development signals the commencement of a bullish wave on the intraday horizon, with an initial focus on attaining the target of 1913.15. It’s important to highlight that a successful breach of this level will pave the way for continued ascension, with subsequent gains projected to reach 1929.00, followed by 1945.20.
As such, the prevailing sentiment leans towards a bullish trajectory for the day. A breach of the support level at 1897.00 would ease the path toward achieving the suggested targets. However, the scenario changes if the price breaks below 1889.35, which could reignite bearish tendencies.
For the day’s trading, the projected range of price movement is expected to extend between the support at 1885.00 and the resistance at 1913.15.
Anticipated Trend for Today: Bullish
