Gold Price Gains Positive Momentum, Forecast for May 13, 2024

by Jennifer

In the realm of precious metals, gold maintains its position with a slight dip, currently hovering around $2360.00. Analysts observe that stochastic indicators have entered oversold territories, shedding previous negative momentum. This development is anticipated to serve as a catalyst for the resumption of the bullish trend in both the intraday and short-term outlooks. Key targets for the upward trajectory include $2400.00 and $2431.44.

The positive outlook is further underpinned by the EMA50, which continues to provide support from below. However, analysts caution that breaching the $2325.90 mark could halt the current bullish momentum, potentially redirecting the price towards a corrective bearish trajectory.


In terms of trading projections for the day, the anticipated range stands between support at $2345.00 and resistance at $2380.00.


Trend Forecast: Bullish

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