Gold prices managed to reverse earlier losses, turning them into gains after maintaining stability above the key psychological support level of $3,000. This steadiness helped restore some positive momentum, allowing the price to recover a portion of its previous losses and ease the selling pressure, aided by positive signals from the Relative Strength Index (RSI).
However, the market still faces negative pressures. Notably, the breakdown of the main short-term bullish trendline, along with continued trading below the 50-period Exponential Moving Average (EMA50), suggests potential challenges ahead, keeping the bullish outlook in check.
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