The rise in gold prices has been halted at the EMA50, which serves as a significant resistance level. Observations indicate that the stochastic oscillator has lost its positive momentum and is beginning to overlap negatively. This suggests that the price may resume its correctional bearish trend, targeting $2,272.06 as the next level.
The bearish trend will remain valid as long as the price stays below $2,340.10. A breach of this level would halt the correctional bearish pressure and potentially lead to a resurgence of the main bullish trend.
The expected trading range for today is between $2,300.00 support and $2,340.00 resistance.
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