Gold Price Surpasses Resistance, Bullish Trend Expected – 10-05-2024

by Jennifer

In yesterday’s trading session, the gold price showcased significant positivity, surpassing the critical level of $2325.90 and settling above it. This movement effectively halted the preceding bearish correctional trend, signaling a resumption of the primary bullish trajectory. The projected gains are expected to range between $2400.00 and $2431.44.

For today’s trading, a bullish bias is foreseen, supported by the EMA50, which currently provides guidance to the price action from below. It is imperative to acknowledge that a breach below the $2325.90 level could invalidate the anticipated upward movement, potentially leading to a reversal.


The expected trading range for today is anticipated to fluctuate between the support level at $2335.00 and the resistance level at $2375.00.


Trend Forecast: Bullish

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