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Gold prices continued their upward trajectory yesterday, reaching $2685.50 as they strive to build positive momentum for further gains in the intraday and short-term outlook. Analysts are anticipating a test of the key $2700 mark as the next significant target.
Support from the 50-day Exponential Moving Average (EMA50) is bolstering the price from below, enhancing the likelihood of a sustained bullish trend. However, a breach of the $2652.00 level would halt this bullish movement, potentially leading to a corrective dip before a renewed ascent.
Today’s expected trading range is set between a support level of $2655.00 and a resistance level of $2695.00.
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