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Gold prices have recently stabilized at the 50-day Exponential Moving Average (EMA50), which has provided substantial support. This stability has led to a slight bullish bias at today’s opening. Analysts are now monitoring for a potential negative catalyst that could drive prices lower, with the primary target being the main bullish trend line around $2408.00.
Currently, the bearish trend persists on an intraday basis. However, a break above $2483.40 could invalidate the negative outlook and allow prices to return to the main bullish trend.
For today, the anticipated trading range for gold is between the support level at $2430.00 and the resistance level at $2470.00.
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