UBS strategist Giovanni Staunovo sees gold retesting support around $4,000 an ounce in the near term, where he expects structural dip buyers to step in and establish a floor. Spot gold was trading at $4,191, with the pullback driven by non-commercial accounts cutting net long positions while ETF holdings stay "unusually resilient." Looking further out, UBS forecasts $4,600 by December and $5,000 by March 2027, arguing that pullbacks toward $4,000 offer opportunities to add exposure.
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