Gold prices (GOLD) are stabilizing lower during recent intraday trading, after breaking an ascending short-term trendline, which prompted them to test the key psychological and primary support level at $3,000. This led to an increase in positive momentum, and we see the price retracing some of its early losses, especially as it approaches the support provided by its 50-day simple moving average, with a positive crossover in the Relative Strength Index emerging after reaching oversold levels.
Based on the above, we expect gold’s price to resume its upward movement in upcoming intraday sessions, provided that the support at $3,000 holds, so that it can once again target its most recent resistance at $3,057.
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