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Gold Price Analysis: Bearish Trend Foreseen Amidst Technical Indicators

by Daisy

Gold prices have settled above the $2340.10 mark, yet face persistent downward pressure from the EMA50 indicator. Stochastic indicators indicate a clear loss of positive momentum, transitioning into negative territory, poised to prompt a resurgence of downward movements. Analysts anticipate a potential breach of the neckline of the head and shoulders pattern at $2318.50, signaling a bearish correction with initial targets set at $2272.06, further extending to $2217.10.

In light of these technical signals, experts maintain a bearish outlook for the upcoming trading period. It is crucial to note that a breach of the $2360.00 resistance level would nullify the anticipated bearish correction, potentially reinstating the primary bullish trend.

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Expected Trading Range: The anticipated trading range spans from the support level of $2320.00 to the resistance level of $2360.00.

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Trend Forecast: Bearish

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