Gold price initiated today’s trading session with a significant decline, breaching the 1977.25 level and settling below it. This movement suggests a potential shift towards a bearish trend. However, it’s noteworthy that the price is making attempts to recover, especially with the stochastic indicator gaining clear positive momentum.
In light of these signals, there is a suggestion of witnessing positive trades today. To confirm the resumption of the bullish wave, the price needs to surpass the 1977.25 level, which could lead to its next main target at 2016.90. The EMA50 also continues to support this suggested bullish wave.
It’s important to note that failing to surpass the 1977.25 level may push the price to experience further losses and reach the 1945.20 level primarily.
The expected trading range for today is between 1960.00 as support and 1995.00 as resistance. The expected trend for today seems to be bullish.
