The price of gold is currently in a holding pattern around the EMA50, anticipating a positive catalyst that could propel it to resume its anticipated bullish trajectory. The market exhibits an organized structure within a bullish channel, as depicted on the chart, with the next target set at 2075.25.
Sustaining levels above 2010.00 is deemed crucial for the continuation of the expected upward movement. Any breach below this level would introduce a negative element, potentially initiating a bearish correction within the overarching bullish wave that commenced from 1810.35.
Market analysts and traders are closely monitoring the precious metal’s performance, seeking signs of the awaited positive momentum that could act as a driving force for the next leg of the bullish trend.
The expected trading range for the current session is anticipated to oscillate between support at 2015.00 and resistance at 2050.00. The prevailing trend outlook for today remains bullish, contingent upon the pivotal support level holding firm.
