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Difficult to say what it might be but the chain is good place to start.
I had an annoying light knocking noise that came and went. It only seemed to happen at modest speeds and power. Turned out to be stiff link in the chain. Get the bike on a stand and turn the back wheel and look for kinks on the lower run where the chain comes off the front sprocket. The kinks can catch the frame protector that is on the inside of the frame at this location.
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