The price of gold has successfully tested the initial key support level at 1975.00 and remains steadfast above it. The market exhibits notable positive signals in the stochastic indicator, signaling the potential for the resumption of the anticipated bullish trend in the upcoming period. The primary targets for this bullish trajectory are 2000.00, followed by 2009.30 levels.
The 50-day Exponential Moving Average (EMA50) acts as a supportive factor from below, further strengthening the expectations for the continuation of the bullish bias on an intraday basis. It’s crucial to observe that a breach of the support levels at 1975.00, followed by 1962.35, would invalidate the positive scenario, potentially redirecting the price towards a correctional bearish trajectory.
Today’s anticipated trading range is expected to fluctuate between the support level at 1970.00 and the resistance level at 2000.00.
Today’s Trend: Bullish
