Gold Prices Show Positive Momentum, Targeting New Highs

by Yuki

Gold prices ended yesterday with notable gains, opening today with further increases. The price successfully breached the key level of $2,635.06 and is attempting to maintain this position. This development halts the previous bearish correction and negates the potential double top formation, paving the way for a resumption of the primary bullish trend.

Analysts anticipate that gold will target higher gains, beginning at $2,668.00 and potentially reaching $2,688.00 as significant resistance levels.

Given this trend, a bullish bias is suggested for today’s trading. However, it is important to note that a reversal could occur if prices fall below $2,635.06, which would reactivate the bearish correction, potentially leading to an initial decline toward the $2,603.90 region.

The expected trading range for today is projected between a support level of $2,630.00 and a resistance level of $2,670.00.

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