Gold Hits Initial Target - 16 April 2024 Forecast

Gold prices resumed their upward trajectory yesterday, hitting our initial target at $2393.00. We now anticipate a breakthrough of this level to pave the way for further gains towards our next primary target around $2510.00.

The EMA50 remains a supportive factor for the anticipated bullish movement, poised to gather fresh positive momentum to sustain the expected ascent. It's worth noting that a breach of $2325.90 would halt the bullish trend, triggering additional bearish correction with the next target at $2260.60.

Expected Trend

Today's expected trading range spans from the support level at 2370.00 to the resistance level at 2410.00.

The expected trend for today is bullish.