Gold price surged yesterday, surpassing the anticipated target at $2742.00, and has continued to climb today, nearing an attempt to break through the bullish channel’s resistance line. This supports the expectation of continued bullish momentum both in the short-term and intraday, with the next target being the recently recorded historical high at $2790.00.
Given the current trend, further bullish movement is expected in the upcoming sessions. However, a break below $2740.00 would halt the upward movement and could lead to a decline, testing the bullish channel’s support line around $2700.00 before any potential recovery.
The expected trading range for today is between $2735.00 (support) and $2770.00 (resistance).
Trend Outlook: Bullish
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