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Gold Price Shows Resilience, Hovers Around Key Support Level

by Jennifer

As of February 20, 2024, the price of gold is exhibiting a degree of stability, hovering around the $2016.90 level. Notably, it has managed to stay above this level, with the Exponential Moving Average (EMA50) providing crucial support to the price. Additionally, the stochastic indicator is currently showing signs of shedding its negative momentum.

Given these factors, market analysts believe that there are still viable opportunities for the anticipated bullish trend to persist on an intraday basis. The primary target for this upward movement is set at $2065.70. It is essential to note that the bullish outlook remains intact unless the price breaches the $2016.90 level, which would signal a halt to the expected rise and potentially resume a correctional bearish trajectory.

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Traders and investors should be mindful of the anticipated trading range for the day, expected to be between $2005.00 as a support level and $2035.00 as resistance.

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In summary, the overall trend for the day is perceived as bullish, contingent on the price maintaining its position above the crucial support level.

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