The price of gold experienced a temporary decline following the Federal Reserve’s rate decision announcement. However, the EMA50 acted as a solid support, prompting a bullish rebound. This resurgence sustains the bullish trend scenario on an intraday basis, with the next anticipated station at 2065.70. A successful breach of this level could propel the price towards the 2100.00 mark.
For the ongoing bullish momentum, it is imperative that the price remains above 2040.00. A sustained position above this level is the primary condition for the continuation of the expected upward movement. Conversely, a break below 2040.00 may lead to a test of the crucial support at 2016.90 before any potential bullish attempts.
The projected trading range for today is expected to be between the support level at 2030.00 and the resistance level at 2065.00.
Anticipated Trend for Today: Bullish
