Gold prices have continued their downward trend, approaching a critical support level of $2,483.40. The metal has opened the trading day with notable negativity, suggesting it may break this level and potentially face further losses in the short term. A confirmed break below $2,483.40 could drive prices toward the $2,440.00 range.
Looking ahead, additional declines are anticipated in the coming sessions, driven by negative pressure from the 50-period Exponential Moving Average (EMA50). However, should gold prices rise above $2,506.00, the current bearish momentum could be reversed, leading to a potential recovery.
Today’s expected trading range for gold is between $2,470.00 on the downside and $2,505.00 on the upside.
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