The price of gold is currently hovering around the $2,000.00 per ounce mark and continues its movement within the confines of a bullish channel, as illustrated on the chart. This channel reinforces the potential for an ongoing uptrend, with the next main target set at $2,016.90.
Therefore, the bullish scenario remains in play, although there may be temporary sideways fluctuations influenced by the current stochastic negativity. It’s essential to bear in mind that exceeding the mentioned target would drive the price towards $2,037.00 as the subsequent positive target. Maintaining a position above $1,977.25 is a key condition for sustaining the anticipated uptrend.
The expected trading range for today is situated between support at $1,990.00 and resistance at $2,020.00.
The prevailing trend for today is bullish.
