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Gold prices closed yesterday above the $2394.00 mark, reinforcing a bullish outlook and setting the stage for potential gains. The immediate targets are projected to start at $2450.00, with a possibility of reaching the previous high of $2483.40. This suggests a positive trend in the near term.
The upward movement is supported by the price’s position above the 50-period Exponential Moving Average (EMA), though some short-term fluctuations may occur due to stochastic negativity. A drop below $2374.10 could negate the bullish scenario, potentially leading to a decline towards the $2324.55 level.
For today, the anticipated trading range for gold is between the support level of $2395.00 and the resistance level of $2435.00.
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