Gold price achieves new record highs – Forecast today - 12-04-2024

Gold Price Analysis

Expected Scenario

• Gold price ended yesterday with clear positivity, surpassing the first awaited target at 2370.00$.
• Today, it opens with a new bullish rally to surpass the bullish channel's resistance line and approach the awaited extended target at 2400.00$.
• Chances of continuing the bullish trend on the short-term and medium-term basis are reinforced, recording new historical levels.
• Surpassing the last level will push the price towards 2510.00$ areas as the next main station.

The price needs to consolidate above 2362.50$ as the first condition for the continuation of the suggested bullish wave.

Breaking it represents a negative factor that will push the price to achieve some temporary bearish correction before resuming the main bullish trend again.

The expected trading range for today is between 2375.00$ support and 2415.00$ resistance.

Trend Forecast

Bullish