Analysis of Gold Price Reaching New Highs - 7 March 2024

Source: Investing.com

Yesterday, the price of gold closed above the 2144.60 level, signaling a potential continuation of the main bullish trend and new historical highs. The next targets for potential gains are projected to be in the range of $2165.00 to $2200.00 in the near-term basis.

We anticipate further upward movement in the coming sessions, supported by the EMA50, which carries the price from below. However, it's important to note that a break below the 2144.60 level could stop the positive outlook and push the price to achieve some bearish correction before turning back to rise again.

Expected Trend

Today's expected trading range spans from the support level at 2135.00 to the resistance level at 2170.00.

The expected trend for today is bullish.