In a recent market development, the price of gold has successfully breached the neckline of a prominent double bottom pattern, as illustrated on the charts. The last four hours’ candlestick closed above this significant level, generating a positive momentum that underpins expectations of potential gains in the upcoming trading sessions. Analysts are eyeing positive targets, commencing at 2065.70 and extending to 2100.00 post the surpassing of the previous level.
In light of these developments, the outlook remains bullish on an intraday basis. This trend finds robust support from the EMA50, emphasizing the importance of maintaining levels above 2016.90 to realize the projected targets.
Guiding traders through the current market scenario, the anticipated trading range for today is poised between the support level of 2035.00 and the resistance level of 2070.00.
Today’s market trend is expected to be bullish, reflecting the prevailing positive sentiment and reinforcing the likelihood of further price increases.
