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Gold prices have stabilized above the $2,483.40 mark, displaying a pattern of sideways trading in recent sessions. The market is currently poised for a potential breakout that could drive prices higher, with the next target set at $2,540.00.
The 50-day Exponential Moving Average (EMA50) continues to provide support for the anticipated bullish trend. However, if gold prices fall below $2,483.40, it could halt the upward momentum, leading to a possible decline towards $2,461.00 and potentially extending to $2,423.00 before any further positive movement.
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Today’s expected trading range is between $2,485.00 on the support side and $2,525.00 on the resistance side.
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Trend Forecast: Bullish
