Gold prices saw a clear upward movement yesterday, settling above the key bullish trend line. This shift has put an end to the previously anticipated negative outlook and set the stage for a potential resumption of the primary bullish trend. The immediate target is a test of the $2700.00 barrier.
While the current negativity in the stochastic indicator may lead to some sideways movement and act as a temporary hurdle to further gains, the overall trend remains positive. A drop below the $2647.00 level would invalidate the bullish outlook, triggering a possible bearish correction on the intraday basis.
Trading Outlook
Gold is expected to continue its bullish momentum today, with the price targeting the $2700.00 level, as long as it holds above the $2647.00 support zone.
Expected Trading Range: Between $2650.00 (support) and $2690.00 (resistance).
Trend Forecast: Bullish.
As long as the price stays above $2647.00, the outlook for gold remains positive, with potential for further gains.
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