Gold prices have reached the initial target of $2,450.00, settling near this level. However, recent stochastic indicators suggest a slight bearish bias, potentially affecting short-term momentum. Despite this, there is anticipation that positive momentum will develop, enabling gold to continue its upward trend towards the next significant target of $2,483.40.
Market Outlook and Key Levels
In light of current conditions, the bullish trend for gold is expected to persist in the near term. Nevertheless, a break below $2,428.00 could lead to a decline, with the price potentially testing the bullish trend line near $2,379.00 before attempting to rise again.
Trading Range Forecast
For today, the anticipated trading range for gold is between the support level of $2,425.00 and the resistance level of $2,465.00.
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