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Current price: 4064
Key point: 4030
Our preferred strategy: Buy positions above 4030 with a first target of 4095 and then a second target of 4120.
Alternative scenario: Stop loss and trend reversal upon breaking the 4012 level, targeting the 3960 level.
Technical commentary
Gold is holding above the key support level of 4030 and above the 200-period moving average on the hourly timeframe, suggesting that gold is expected to continue its upward trend towards 4095 and then 4120.
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