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Gold Prices Show Positive Momentum, Eyeing Resistance at $2742

by Daisy

Gold prices opened today’s trading session with notable bullish momentum, as the market aims to test the resistance level of the prevailing bullish channel, which is currently positioned at $2742.

However, the current negative readings from the Stochastic indicator could slow down the upward movement, cautioning that a breach of the channel’s support at $2693 would signal the end of the bullish trend. This would likely trigger a bearish correction, with an initial target of $2672.

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The anticipated trading range for the day is between a support level of $2705 and a resistance level at $2745.

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Trend Outlook: Bullish

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