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Gold prices are currently testing a previously breached resistance level, indicating potential upward movement in the market. Stochastic indicators have reached oversold territories, suggesting that this could motivate a resumption of the expected bullish trend in the near future, with target prices set at $2,668.00 and $2,685.50.
The 50-day Exponential Moving Average (EMA50) reinforces the bullish outlook. However, a break below $2,635.06 would invalidate this positive scenario and subject prices to bearish corrective pressure.
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Traders can anticipate today’s price fluctuations to range between a support level of $2,635.00 and a resistance level of $2,675.00.
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Trend Forecast: Bullish
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