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Current price: 4175
Key point: 4157
Our preferred strategy: Buy positions above 4157 with a first target of 4200 and then a second target of 4225.
Alternative scenario: Stop loss and trend reversal upon breaking the 4145 level, targeting the 4110 level.
Technical commentary
Gold is holding above the key support level of 4157 and above the 200-period moving average on the hourly timeframe, suggesting a continued upward move towards 4200, and then, if this level is breached, towards 4225.
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