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Gold Price Analysis: Bullish Trend Expected to Resume

by Daisy

The price of gold remains confined within a narrow sideways range, displaying positive momentum as indicated by the stochastic oscillator. This signals a potential continuation of the anticipated bullish trajectory in the upcoming period, with key targets set at $2400.00 followed by $2431.44.

Supporting this bullish outlook is the continued backing from the EMA50, reinforcing the upward momentum. However, a breach of the $2325.90 support level could trigger additional bearish correction, with a subsequent target at $2260.60.

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Expected Trading Range: The anticipated trading range is expected to span from the support level at $2360.00 to the resistance level at $2400.00.

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Trend Forecast: Overall, the trend forecast for gold remains bullish, with potential for upward movement in the near term. Investors are advised to monitor key support and resistance levels for potential entry and exit points.

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