Gold prices experienced a significant decline in recent trading sessions but found support at the 50-day Exponential Moving Average (EMA50). This support has enabled the price to rebound, with current expectations set on testing the $2483.40 mark, which is the initial target. A successful breach of this level could pave the way for gold to reach $2500.00 directly.
Given the current trend, a bullish outlook is anticipated for the near term. However, if gold prices fall below $2420.00, this could negate the expected upward momentum and introduce downward pressure. Under such circumstances, the price could test the $2385.00 level initially, with the potential to decline further to $2324.55 if this support is also broken.
Today’s expected trading range for gold is between $2430.00 as support and $2470.00 as resistance.
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