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Gold on the daily timeframe is still clearly negative!!!
We notice that the rebound happened after a rise to $4600, but so far, as long as the daily timeframe remains in the negative zone, we stay cautious!!
Currently, the strongest support is at $4200, which is the 0.618 Fibonacci level. As long as we are above it, the positive outlook is present and expected! But we still need confirmations!!
On the daily timeframe, the strongest confirmation is a move back above $4728!
If there are 3 daily closes above it, we expect higher levels that may reach $5400 as an initial target!!
For now, I’m monitoring and will keep updating continuously, God willing!
$XAUUSD $XAUUSD200 $XAUUSD20
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