Gold Price Shows Signs of Recovery – Forecast for May 29, 2024

by Jennifer

Expected Scenario

Gold price has found support around the $2340.10 level and is now showing signs of positive movement. It is currently approaching the EMA50, which presents a strong resistance barrier around $2360.00. A breakthrough above this level is anticipated to strengthen the outlook for a continued bullish trend in the upcoming period. It is worth noting that our projected targets commence at $2410.00, followed by $2450.00.


Sustaining levels above $2340.10 is pivotal for maintaining the anticipated upward momentum. However, a breach of this support level may prompt additional bearish correction, with the next target potentially reaching $2272.05.


Expected Trading Range

The anticipated trading range lies between the support level of $2340.00 and the resistance level of $2380.00.

Trend Forecast: Bullish

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