Gold is now setting a base directly above this level, which will make it a meaningful point on the chart to anticipate short-term direction. Momentum buying out of the congestion area (which may be forming into a longer term Triangle chart pattern) could send the price back to last week's highs, with follow-through from there confirming the uptrend.

A closing price significantly below this key level would indicate renewed weakness in the market. This development would lend weight to any downside breakouts from the short-term chart patterns identified by Autochartist.

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