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Current price: 4385
Key point: 4390
Our preferred strategy: Sell positions below 4390 with a first target of 4360 and then a second target of 4330.
Alternative scenario: Stop loss and trend reversal upon breaking the 4400 level, targeting levels of 4435.
Technical commentary
Gold reached the 200-period moving average on the half-hour timeframe, along with the descending trend line and resistance levels of 4390-4400, so a further decline to the 4360 level and then the 4330 level is expected.
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