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Gold's rally is supported by the 20 and 50 SMAs. However, the RSI is approaching overbought conditions. I'm watching for a potential pullback to the 5230 area before considering further upside. A break above R2 at 5246 could signal a stronger move.
Update: A close above 5246 would likely confirm the bullish breakout. I would then look for a move towards 5260. Keep an eye on broader market sentiment, as risk aversion could further fuel gold's ascent. Don't forget to adjust your SL accordingly.
