The price of gold exhibited a robust opening today, surging beyond the anticipated target of 2075.25 to achieve new historical highs at 2144.60. Despite a rapid decline, the precious metal has stabilized around the initial level, which now acts as a crucial support. The analysis suggests a continuation of the bullish bias, aiming for positive targets, with an initial focus on testing the 2100.00 barrier and potential extensions to 2135.00.
The bullish trend scenario remains supported by the presence of the EMA50. However, it is important to note that a breach of the 2075.25 level could impede the anticipated upward movement, leading to a temporary intraday bearish correction.
The expected trading range for today is projected between the support level at 2070.00 and the resistance level at 2110.00.
The overall trend expectation for today remains bullish, aligning with the current market dynamics.
