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Gold Price Maintains Stability – Forecast for June 12, 2024

by Jennifer

Gold Price Analysis:

In recent trading sessions, the gold price has exhibited modest positive movement, edging above the $2300.00 threshold. However, the presence of the Exponential Moving Average 50 (EMA50) continues to exert downward pressure on the price, while stochastic indicators indicate a negative overlap once more.

Expected Scenario:

Market analysis suggests a potential resumption of the anticipated bearish trend on an intraday basis, with a target set at $2272.06.

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A significant development to monitor is the breach of the $2340.10 level, which would signal a cessation of the corrective bearish trend and potentially pave the way for a return to the primary bullish trajectory.

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Expected Trading Range:

The anticipated trading range is anticipated to fluctuate between the support level at $2290.00 and the resistance level at $2330.00.

Trend Forecast:

Given the prevailing market conditions and technical indicators, the trend forecast leans towards a bearish sentiment for gold prices, contingent upon confirmation from resistance levels and continued pressure from the EMA50.

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