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Gold prices are currently hovering around the $2,630.00 level, with expectations of a resumption in the bullish trend within the main bullish channel evident on the chart. Traders are eyeing a test of the channel’s resistance, which currently stands at $2,644.65. A successful breach of this resistance could propel prices towards the next target of $2,660.00.
For today, a bullish bias is suggested. However, it is important to note that if prices fall below $2,614.00, this could halt the positive outlook and initiate a bearish correction before any potential rebound.
The anticipated trading range for today is between the support level of $2,615.00 and the resistance level of $2,650.00.
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