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Gold Price Analysis: Bearish Trend Forecast

by Daisy

The price of gold has recently experienced a bearish bounce following its testing of the 2340.104 level in previous sessions. The EMA50 has proven to be a formidable resistance, reinforcing the significance of this level. Analysts anticipate further downward movement in the coming sessions, with a projected target of $2272.06.

Technical indicators, specifically the Stochastic oscillator, are currently displaying negative signals. This reinforces the bearish sentiment on an intraday basis, a trend expected to persist unless the price manages to surpass and sustain above the $2340.10 mark by the daily close.

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Looking ahead, the anticipated trading range for today is forecasted between a support level of $2290.00 and a resistance level of $2330.00.

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In summary, market analysis suggests a bearish outlook for gold prices in the immediate term, with key levels and technical indicators signaling continued downward pressure.

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