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Gold Price Analysis: Bearish Outlook Persists with Key Levels in Focus

by Daisy

Gold prices have remained steady below the $2325.90 mark, signaling a continuation of the corrective bearish trend in current trading sessions. The next anticipated target lies at $2260.60.

The Exponential Moving Average 50 (EMA50) continues to apply downward pressure on the price, reinforcing the bearish sentiment. However, breaching the $2325.90 threshold could prompt recovery efforts aiming for the range between $2360.00 and $2430.00.

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Yesterday saw no significant movement in gold prices, with the metal maintaining stability below $2325.90. Consequently, the corrective bearish scenario remains active, with the next target set at $2260.60.

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The persistent negative influence of the EMA50 further supports expectations of a decline. Nevertheless, surpassing the $2325.90 mark would likely initiate recovery attempts, potentially restoring the primary bullish trend and targeting gains within the $2360.00 to $2430.00 range.

Expected Trading Range and Trend Forecast

Support: $2290.00

Resistance: $2330.00

Trend Forecast: Bearish

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