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Gold Price Analysis: Bearish Trend Signals Potential Correction

by Daisy

Gold price analysis indicates mounting downward pressure, with the possibility of breaking below the crucial $2431.44 level. Should this level be breached, it could pave the way for a bearish correction, targeting the $2340.10 mark, serving as the next significant support level.

Today’s trading bias leans towards the bearish side, with particular attention on breaking the $2400.00 barrier. Such a move would further solidify expectations for continued decline. However, a decisive breach above $2431.44, followed by $2450.00 levels, would halt the anticipated descent, potentially resuming the primary bullish trajectory.

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The expected trading range spans between the support level of $2390.00 and the resistance level of $2430.00, signaling a period of potential volatility within this range.

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In summary, the trend forecast for gold leans bearish, with investors closely monitoring key support and resistance levels for further directional cues.

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