Gold Price Gains Positive Momentum - April 18, 2024 Forecast

Yesterday, the gold price experienced a brief period of downward pressure, testing the key support level at $2370.00, corresponding to the EMA50. Today, the price has started to rebound from the opening, driven by stochastic positivity, suggesting a potential continuation of the primary uptrend, with the next major target at $2510.00.

However, a breach of the $2370.00 support level could subject the price to further downward pressure, potentially leading to a test of the $2325.90 level before any new upward momentum is attempted.

Expected Trend

Today's expected trading range spans from the support level at 2360.00 to the resistance level at 2400.00.

The expected trend for today is bullish.