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Gold Achieves Anticipated Target, Bearish Trend Persists

by Jennifer

The price of gold has successfully reached the awaited target at 1977.46, marking the 50% Fibonacci correction level for the bullish wave observed on the chart. This movement is occurring amid downward pressure attributed to the EMA50, prompting considerations for a potential breach of this level and a subsequent move towards the next correctional station, estimated at 1938.00.

The ongoing bearish trend scenario is expected to persist in the upcoming period. It is crucial to note that a failure to secure the anticipated break may result in the price experiencing intraday gains. This prospective upturn could initiate with a test of 2016.90 before the next destination becomes evident.

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As of today, the projected trading range is positioned between the support level at 1960.00 and the resistance level at 1995.00.

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The overall outlook for today leans towards a bearish trend, subject to market dynamics. Traders and investors are advised to remain vigilant for potential shifts in the price action, especially if the 1977.46 level proves to be a pivotal point for market sentiment.

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