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Gold Price Shows Resilience with Positive Attempt – Market Analysis – 26-02-2024

by Jennifer

The gold price has recently reached the level of 2040.00, exhibiting a minor bearish inclination during the current session, influenced by stochastic negativity. However, the continuous positive support from the EMA50 suggests a favorable environment for maintaining the anticipated bullish trend on an intraday basis. The next significant target in this upward trajectory is set at 2065.70.

Despite the slight bearish bias, the bullish scenario remains valid and operational for the day, provided that the level of 2016.90 remains unbroken. A breach below this level would signify a shift back to a corrective bearish trajectory, opening the path to achieve negative targets, with the primary objective situated at 1977.46.

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As we assess the potential trading range for today, the support level is anticipated around 2015.00, while the resistance is envisaged at 2050.00.

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In summary, the prevailing trend for today leans towards a bullish outlook, contingent on the maintenance of the crucial support level at 2016.90. Any breach of this level could usher in a corrective bearish phase, impacting the gold price and leading to negative targets.

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