The recent trading activity in the gold price has formed a bullish pennant pattern on the chart, indicating that surpassing the 2170.00 mark will trigger the positive implications of this pattern, propelling the price to resume its upward momentum in the short-term and intraday. It's important to note our initial target at 2200.00.
Henceforth, we maintain our recommendation for a bullish trend in the near future, bolstered by the positive momentum indicated by stochastic analysis. It should be emphasized that the sustainability of the bullish trend hinges on the price remaining above 2145.35.
Expected Trend
Today's expected trading range spans from the support level at 2145.00 to the resistance level at 2180.00.
The expected trend for today is bullish.
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