Gold prices have stabilized above the $2,483.40 mark, reflecting a period of sideways trading in recent sessions. Traders are currently anticipating a surge in positive momentum that could drive prices to resume the main bullish trend, with a target of $2,540.00 as the next key resistance level.
The 50-day Exponential Moving Average (EMA50) continues to provide support for the anticipated upward movement. However, a break below the $2,483.40 level could halt the expected rise, potentially leading to a decline. In such a scenario, gold prices might test the $2,461.00 area, with the possibility of further decline towards $2,423.00 before any new positive movement.
For today, the expected trading range for gold is between the support level of $2,485.00 and the resistance level of $2,525.00.
Related topic: