Gold Price Analysis: Bullish Trend Continues with Target Nearing – 16-05-2024

by Jennifer

The latest analysis indicates that the price of gold is exhibiting a stronger bullish bias, nearing the anticipated target of $2400.00. It’s worth noting, however, that stochastic negativity is exerting some pressure on the price, posing challenges to its upward momentum. The market awaits positive catalysts that could facilitate a continuation of the uptrend, enabling the price to surpass the aforementioned target and advance towards the next level at $2431.44.

The bullish sentiment is further reinforced by the support of the EMA50, which is providing underlying strength to the price movement from below. It’s crucial to monitor the level of $2325.90, as a breach of this support could halt the current bullish wave and prompt a return to a corrective bearish trajectory.


Expected Trading Range: The expected trading range is anticipated to be between support at $2370.00 and resistance at $2410.00.


Trend Forecast: The overall trend forecast remains bullish, with the market showing resilience and determination to approach the target amid stochastic fluctuations.

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