In the current analysis of gold prices, the market demonstrates consolidation around a key level, signaling a need for additional positive momentum to sustain upward movement.
Consolidation Around Key Level
Gold prices have settled around the $2190.00 level following a recent ascent. The temporary loss of positive momentum has resulted in a pause in the bullish wave, indicating a period of consolidation.
Resumption of Bullish Trend
Market participants await a resurgence in positive momentum to propel gold prices upwards. The first target is set at $2222.86, reflecting the potential for further gains once momentum is regained.
Supporting Factors
The EMA50 continues to provide support from below, underpinning the market’s resilience. However, a break below $2166.50 could interrupt the upward trajectory, potentially leading to a bearish correction targeting $2131.70.
Trading Range
For today’s trading session, the expected trading range for gold prices is projected to range between $2175.00 as support and $2210.00 as resistance.
Trend Forecast: Bullish
Despite the temporary loss of momentum, the overall trend for gold prices remains bullish. Traders are advised to monitor price movements closely, particularly in relation to the identified support and resistance levels, for potential trading opportunities.
