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Gold Price Analysis and Forecast – July 4, 2024

by Jennifer

Current Situation:

The price of gold concluded yesterday’s session above the $2340.10 level, signaling potential for the establishment of a bullish trend in the intraday and short-term perspectives. Confirmation of this trend awaits a breach of the $2365.00 mark, paving the way for a move towards the next target at $2400.00.

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Technical Indicators:

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The Stochastic oscillator indicates current negativity, suggesting possible temporary sideways movement before the anticipated upward momentum resumes. The bullish outlook is further supported by the EMA50, which continues to guide the price from below. However, a decline below $2340.10 would invalidate this bullish scenario and expose the price to corrective bearish pressures once more.

Expected Trading Range:

Traders can anticipate a trading range between support at $2345.00 and resistance at $2380.00.

Trend Forecast:

Overall, the forecast maintains a bullish outlook, contingent upon the price holding above key support levels and achieving the necessary breakout points to sustain upward momentum.

This analysis positions gold for potential upward movement, contingent on technical confirmations and market dynamics influencing precious metal prices today.

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