The price of gold continues to hover around its principal bullish trend line, currently positioned at $2,390. Despite this, technical indicators present a mixed picture. The 50-day Exponential Moving Average (EMA50) is exerting negative pressure, while stochastic indicators remain positive. This divergence in signals maintains a neutral stance on the gold price outlook for now, as traders await clearer direction for the next trend.
A critical level to watch is $2,380. A breach below this threshold could introduce negative pressure, potentially driving the price towards the $2,324.55 area. Conversely, a rise above the $2,405 resistance level would signify a resumption of the primary bullish trend, with potential gains extending initially to $2,450 and further to $2,483.40.
For today, the anticipated trading range for gold is between a support level at $2,370 and resistance at $2,410.
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