Gold prices have successfully breached the $1929.00 level and closed above it. Upon closer analysis of the chart, it becomes evident that the price has completed the formation of an inverted head and shoulders pattern, which comes with positive targets surpassing the $1945.20 level, ultimately reaching the $1960.00 area.
As a result, the bullish trend scenario remains valid and active for the upcoming period. This is further supported by the EMA50, which is currently providing upward momentum to the price. It’s important to monitor the $1929.00 level closely, as any break below it could halt the anticipated rise and subject the price to negative pressure on an intraday basis.
The expected trading range for today is anticipated to fall between the support level at $1920.00 and the resistance level at $1950.00.
