Gold Price Hits Second Target, Eyes Further Gains – Forecast for May 20, 2024

by Jennifer

Gold Price Analysis:

The bullish momentum of gold price has resumed, achieving the anticipated milestone by reaching our second target at $2431.44, marking yet another historic high.

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Future Outlook:

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With the successful breach of this level, the path is cleared for further upward movement, with new positive targets in sight. The next significant milestone is anticipated to be the $2500.00 mark.

Trend Analysis:

A bullish trend is expected to persist in the coming period. However, it is essential to note that failure to consolidate above $2431.44 may trigger a bearish correction on an intraday basis.

Expected Trading Range:

The anticipated trading range for gold is between the support level of $2420.00 and the resistance level of $2460.00.

In summary, gold’s trajectory remains upward as it eyes the next milestone, with bullish sentiment prevailing. Traders should remain vigilant for potential intraday corrections, especially if consolidation above $2431.44 is not sustained.

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