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Gold closed below 5180 on Wednesday, leading to a downward shift in the trading range on Thursday, which is consistent with my analysis yesterday.
It has fallen to my target level of 5125, which is a very important support level.
If 5125 holds, consider entering long positions on a pullback to 5130-5140, with an initial target of 5160-5180. If it breaks above 5180, hold some positions to capture further profits.
(Stabilizing above 5180 indicates a recovery in bullish sentiment)
If support in the 5120-5128 area is broken again, go short on gold directly, targeting 5095-5067-5047. These are also key support levels. Take profits at these targets and re-enter on a breakout.
In summary, I believe gold will not experience a significant pullback today. The focus should remain on buying on dips, as a bottoming rebound will quickly unfold.
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