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Gold Price Concludes Positive Pattern, Aims Higher

by Jennifer

Gold price has embarked on a resolute positive trajectory, drawing closer to our initial predetermined target at 1929.00. Upon closer examination of the chart, it is evident that the price has effectively formed a double bottom pattern. This pattern acquisition instills robust optimism, bolstering the likelihood of surmounting the aforementioned level and advancing towards our subsequent target at 1945.20 with purpose.

Consequently, the bullish sentiment is poised to continue its dominance in the forthcoming period. The auspices of this upward drive are fortified by the EMA50, which steadfastly supports the price from below. Nevertheless, it is paramount to acknowledge that a decline below 1913.15 could disrupt the envisioned ascent, potentially catalyzing a reversal.

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Today’s anticipated trading bandwidth extends from the support at 1913.00 to the resistance at 1945.00.

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The envisioned trend for today remains bullish.

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