Gold price provided clear positive trades yesterday to approach our waited target at 2450.00$. This reinforces the expectations of continuing the bullish trend on the intraday and short-term basis. The way seems open to surpass the mentioned level to achieve more gains on the longer-term basis.
Therefore, we will continue to suggest the bullish trend for the upcoming period, supported by the EMA50. It is important to note that when reaching the recorded high at 2450.00$, there might be strong sell-offs that push the price to achieve sudden declines. However, breaking 2392.00$ will stop the bullish wave and put the price under intraday negative pressure, targeting testing 2340.10$ areas before any new positive attempt.
The expected trading range for today is between 2415.00$ support and 2450.00$ resistance.
Trend forecast: Bullish
Additional Insight:
Investors should also keep an eye on macroeconomic factors such as inflation, interest rates, and geopolitical tensions, which can influence the price of gold. Additionally, the recent surge in demand for safe-haven assets due to uncertainties in the global economy has been a contributing factor to the bullish trend in gold prices. It is essential for traders to stay informed of these external factors to make informed decisions when trading gold.
