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Gold Prices Halt Bearish Correction, Signal Return to Bullish Trend

by Jennifer

Gold prices have witnessed a robust upward rally, surging beyond the 2016.90 level and establishing a position above it. This ascent signifies a potential return to the bullish channel depicted on the chart, indicating a cessation of the recent bearish correction. The precious metal aims to reclaim the primary bullish trend, with a target set at 2065.70 as the next significant milestone.

The prevailing outlook for today suggests a bullish bias, with the possibility of some lateral movement influenced by stochastic negativity. It is crucial to note that a breach of the 2016.90 level could disrupt the anticipated ascent, prompting a return to the correctional bearish trajectory.

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As the market unfolds, the expected trading range is anticipated to fluctuate between the support level at 2020.00 and the resistance level at 2055.00.

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Overall, the expected trend for today leans towards a bullish trajectory, indicating a potential resumption of the broader upward trend in gold prices.

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