Gold Price Tests Key Support Amid Downward Momentum
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The current gold price is testing support around $2,560, reflecting a downward trend that began after reaching recent highs. The resistance at $2,607 has proven resilient, contributing to the bearish sentiment as prices struggle to regain momentum.
If gold fails to establish a reversal pattern above this support level, we could see further declines toward the next key support zone around $2,480. This area is highlighted as a potential bounce-back region, where buyers might re-enter the market. However, any recovery will need to break above the previous resistance to shift the trend back to a bullish stance.
If gold fails to establish a reversal pattern above this support level, we could see further declines toward the next key support zone around $2,480. This area is highlighted as a potential bounce-back region, where buyers might re-enter the market. However, any recovery will need to break above the previous resistance to shift the trend back to a bullish stance.
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