Gold prices closed above the $2340.10 mark yesterday, signaling potential for further bullish momentum in the near term. Analysts anticipate a strong uptrend if the price breaches the $2365.00 level, targeting $2400.00 as the next significant resistance.
Technical indicators suggest a temporary pause due to current stochastic negativity, possibly leading to sideways trading before the uptrend resumes. The EMA50 support, however, remains intact, bolstering the bullish outlook.
Traders are advised to watch the $2340.10 support closely; a break below this level could shift sentiment to a corrective bearish phase. The expected trading range is expected to hold between $2345.00 support and $2380.00 resistance levels in the short term.
This analysis underscores the current bullish sentiment in the gold market, contingent upon key resistance levels being breached to sustain upward momentum.
Related topics:
Bitcoin’s Superiority Over Gold as a Safe Haven Asset