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Gold prices are currently testing a previously breached resistance level, as indicated on the chart. The stochastic indicator is nearing oversold territory, suggesting that momentum could build for a potential bullish trend in the coming period. Analysts project a target range of $2,668.00, followed by $2,685.50.
The 50-period Exponential Moving Average (EMA) provides support for this anticipated upward movement. However, a critical threshold exists at $2,635.06; a breach below this level could invalidate the positive outlook and subject gold prices to corrective bearish pressure.
For today, the expected trading range for gold is between the support level at $2,635.00 and the resistance level at $2,675.00.
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