Global gold prices rose during today’s trading, Friday, as recent data reinforced expectations of a Federal Reserve interest rate cut next month. Meanwhile, market participants are awaiting the U.S. Producer Price Index report for further guidance.
Generally, the direction is an uptrend
Uptrend Side: As long as it remains above this level, the target of 2,638 is achievable today. Additionally, breaking this level will be crucial for the price to confirm the bullish trend and target 2,623.
Correction: May the price rise toward 2625.
Downtrend Side: For any reason, if the 2,638 level is broken, especially with a 1-hour or 4-hour candle close, bearish momentum is likely to begin, targeting 2,625 and below 2605.