The price of gold remains within a stable sideways track, hovering below the $2340.10 mark. This persistent stability reinforces the current bearish trend, supported by a gradual weakening in positive momentum as indicated by stochastic indicators. Analysts anticipate a potential resumption of the bearish wave, with a downside target set at $2272.06.
However, a decisive breach above the $2340.10 resistance level could shift the outlook, prompting a bullish turn. Such a breakout would likely propel prices towards initial targets around $2370.00, with further potential gains extending up to $2400.00.
Expected Trading Range
Market expectations point to a trading range bounded by a support level near $2310.00 and a resistance level at $2345.00. Traders are advised to monitor price movements within this range for potential breakout opportunities.
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