Gold price continues to move within tight sideways range, and by taking deeper look at the chart, we find that the price is forming inverted head and shoulders’ pattern that its confirmation line located at 2039.65, thus, breaching this level will activate the positive effect of the mentioned pattern and push the price to achieve gains that start at 2065.70 and extend to 2095.00.
Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50, reminding you that breaking 2016.90 will put the price under additional correctional bearish pressure that its next target reaches 1977.46.
The expected trading range for today is between 2015.00 support and 2050.00 resistance.
The expected trend for today: Bullish