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Gold Market overview

In early December, the price of gold was testing the $1800 mark.

Over the past four weeks, it has seen an impressive 11.5% rise, making it the second-strongest monthly rally since July 2020. However, whether this will lead to a reversal or not is yet to be seen. Price levels near $1800 are being tested by the 200-day MA, the local highs of August, and the 61.8% Fibonacci retracement of the March-September drop. This suggests that the long-term trend is still up for debate. Currently, gold is trading at around $1793.

Where do you think the price of gold will be heading in the coming weeks? Comment below.


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