Gold prices are currently testing a critical resistance level at $2394, with the EMA50 reinforcing this barrier. Despite this, stochastic indicators are signaling negativity, potentially prompting a decline towards the primary support level, now positioned at $2366.40. This suggests a consolidation phase between these pivotal levels, maintaining a neutral stance until a breakthrough occurs in either direction.
A breach above the aforementioned resistance would invalidate a previously observed double top pattern, likely triggering a resumption of the bullish trend. Targets in this scenario would range from $2450 to $2483.40. Conversely, breaking below the support level could signify a bearish correction, targeting initial declines around $2324.55.
For today’s trading session, the anticipated range spans from a support level of $2375 to a resistance level of $2415. Traders and investors are advised to monitor these levels closely for potential breakout or reversal opportunities.
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