From a technical perspective, the overnight rally reaffirmed strong support near the 50-day moving average, now around the $2,367 area. This should now become a key point for short-term traders, as a decisive break above this point would pave the way for a continuation of the recent pullback from near all-time peaks. Some follow-through selling below last week’s swing lows ($2,353-$2,352 area) would reiterate the negative bias and drag gold prices towards the $2,342.20 area or the 100-day moving average. A convincing break below the latter could change the near-term bias in favor of bearish traders and trigger an aggressive technical sell-off. On the other hand, the $2,415 (20-day moving average) level may provide some immediate resistance before the $2,448-2,450 level area. The next relevant hurdle lies near the $2,468-$2,469 area, above which gold prices could challenge the all-time high near the $2,483-$2,484 area hit in July. The latter is followed by the psychological $2,500 mark, which, if decisively breached, would set the stage for further appreciation in the near term. Today you can consider going long gold before 2,387.00, stop loss: 2,384.00; target: 2,405.00; 2,410.00