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Gold Price Recovery in Focus – Forecast for June 21, 2024

by Jennifer

Gold Price Analysis

Yesterday, gold prices demonstrated significant upward momentum, surpassing the crucial level of $2340.10 and closing above it. This breakout has halted the previous bearish correctional phase, signaling a potential continuation of the primary bullish trend. The immediate objective now is to achieve gains, with initial targets set at testing $2385.00 and potentially reaching the historical high near $2450.00.

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Expected Scenario

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Looking ahead, expectations favor further upward movement both intraday and in the short-term. It’s important to note that a breach below $2340.10 could trigger a reversal, potentially targeting the next correctional support level around $2272.06.

Expected Trading Range

The anticipated trading range is expected to oscillate between support at $2345.00 and resistance at $2385.00.

Trend Forecast

The trend forecast for gold remains bullish, supported by recent price actions and technical analysis indicating potential for continued upward momentum.

This outlook reflects current market conditions and projections for the near-term trajectory of gold prices. Investors are advised to monitor price movements closely within the specified trading range for potential trading opportunities.

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