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Gold Prices Poised for Further Upside, Technical Analysis Suggests
Gold prices have found solid footing at the 2340 support level, as highlighted in the previous technical report. This support, coinciding with the 23.60% Fibonacci retracement level on the 240-minute timeframe chart, successfully halted the recent downward trend and propelled prices towards 2360.
The technical outlook for today suggests a high probability of the upward trend resuming. Intraday trading has remained consistently above the 2340 support, and the Stochastic indicator is showing signs of overcoming its recent negativity.
With these factors in play, the most likely scenario for today’s trading is a continuation of the upward movement, with the initial target set at 2368. A successful consolidation above this level could further accelerate the bullish momentum, potentially leading to a visit to 2378 and 2392, respectively. In the longer term, the gains could even extend towards 2410.
However, traders should remain vigilant as a return of trading stability below the crucial 2340 support could reignite the downward pressure, targeting 2320 and 2300 levels initially.
Important Note: It is crucial to exercise caution when trading gold in the current environment. Geopolitical tensions continue to create heightened volatility, and significant price fluctuations are possible.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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