Gold prices experienced a slight pullback after failing to sustain early gains, ending the session with a modest decline. The price faced resistance at the $3090 level, which proved difficult to break. However, there is still potential for the price to gain enough momentum to surpass this barrier, despite signs of overbought conditions indicated by the Stochastic oscillator.
The overall trend remains bullish, with gold trading in line with the prevailing upward trend. Additionally, the price is supported by its position above the 50-period simple moving average (SMA), suggesting positive short-term momentum.
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