Gold Forecast: Markets Consolidate Within Defined Range, Awa

In this environment, short-term range-bound traders are likely to find favorable opportunities due to the need for sustained follow-through. Should an upside breakout occur, the $2000 level becomes a potential target, capturing significant attention. A breach above $2000 could propel gold toward the $2050 level.

On the downside, if prices break below the $1950 level, gold may experience a decline toward the 61.8% Fibonacci level, located around $1920. Subsequently, a move toward the 200-Day EMA becomes a possibility. However, immediate downward movements of that magnitude are not anticipated. Such a scenario would likely require substantial strength in the US dollar, which seems unlikely in the short term, considering the hawkish stance of central banks worldwide, including the Federal Reserve.

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