As long as the gold price stays firmly above the $4695 level, the bullish upward momentum will continue. The initial target is the $4740-4770 range, with a subsequent chance to surge higher to $4835.



Currently, the overall trend is leaning bullish, and as long as the key support level holds, the upward pattern will remain intact.

Conversely, if the hourly chart closes below $4695, the gold price will experience a short-term pullback and correction, with support first at $4680, and further down at $4650 as a stronger defensive support level.
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