Yesterday scenario worked out perfectly. Gold retested the 2450 level and bounced straight of and resumed its bullish direction. Gold continued to decline to lean on 2450.00$ level and began to rebound bullishly from there, to head towards resuming the main bullish trend, motivated by stochastic positivity that appears clearly on the four hours’ time frame, besides the positive support provided by the EMA50.
Therefore, I will continue to suggest the bullish trend for the upcoming period, which its next target located at 2500.00$, noting that breaking 2450.00$ will stop the bullish wave and push the price to achieve intraday bearish correction that its targets begin by testing 2410.00$ areas.
The expected trading range for today is between 2450.00$ support and 2490.00$ resistance.
Therefore, I will continue to suggest the bullish trend for the upcoming period, which its next target located at 2500.00$, noting that breaking 2450.00$ will stop the bullish wave and push the price to achieve intraday bearish correction that its targets begin by testing 2410.00$ areas.
The expected trading range for today is between 2450.00$ support and 2490.00$ resistance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.