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Gold prices concluded yesterday’s trading above the $2,394.00 mark, signaling a bullish trend and setting the stage for further gains. The precious metal is poised to target initial resistance at $2,450.00, with potential to reach the previous high of $2,483.40.
The price movement above the 50-day Exponential Moving Average (EMA) reinforces the positive outlook, although some short-term sideways fluctuations may occur due to stochastic indicators. A decline below the $2,374.10 level could invalidate the bullish scenario, potentially pushing gold towards an initial support level of $2,324.55.
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For today, the anticipated trading range for gold is between $2,395.00 and $2,435.00.
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Trend Forecast: Bullish
