Gold Price Forecast: Positive Momentum Gathers – May 17, 2024

by Jennifer

Expected Scenario

Gold prices persist in fluctuating within a narrow sideways range, with stochastic indicators indicating a positive momentum shift. This hints at a potential resumption of the anticipated bullish trend in the forthcoming period, with targets set at $2400.00 followed by $2431.44 levels primarily. The EMA50 acts as a supportive factor for the suggested bullish wave. However, a breach of $2325.90 would signify an additional bearish correction, with the subsequent target positioned at $2260.60.


Expected Trading Range


Gold is anticipated to oscillate within the range of support at $2360.00 and resistance at $2400.00.

Trend Forecast: Bullish

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