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Gold investors take profits, analysts: There may be no real support before $3850.
Jin10 data reported on October 10th, as the US dollar rises and gold investors take profits after Israel and Hamas reach a ceasefire protocol, gold prices fell below $4000/oz on Thursday, retreating to below $3950. Independent metal trader Tai Wong stated: “As the Gaza ceasefire takes effect, speculators are taking some gold chips off the negotiation table, as the ceasefire protocol cools the situation in the Middle East. However, overall, confidence in this trade has not weakened significantly. Nevertheless, the previous rise in gold prices was so rapid that there was no real support before $3850.”