Gold prices encountered formidable resistance at the 1929.00 level, resulting in a clear downward correction. However, the market has initiated a rebound at the opening of today’s session, signaling intentions to continue positive movements. The confirmation of this bullish sentiment would require a breakthrough of the mentioned resistance, thus paving the way for a subsequent advance towards the next significant target at 1945.20.
As a result, our outlook maintains a bullish bias for the forthcoming period, with the stochastic oscillator showing signs of positive overlap, reinforcing the optimistic perspective. However, it is essential to monitor the level at 1913.15 closely, as a breach of this support could potentially halt the bullish trend and induce a shift towards a downward trajectory.
For today’s trading, the expected range is forecasted to extend from the support level at 1913.00 to the resistance level at 1940.00. Market participants should remain attentive to this range as it may serve as a pivotal zone for potential market reversals.
In summary, gold prices have encountered solid resistance at 1929.00 but are striving to resume their upward momentum. The bullish trend remains intact, with a primary target at 1945.20. However, a break below 1913.15 could change the outlook and lead to a decline.
