Current price: 2250
Key point: 2222
Our preferred direction: Buy positions above 2222 levels with 2275 as the first target and then 2290 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 2222 level, targeting the 2195 levels.
Technical commentary
After the price broke through the 2222 levels and opened the week’s trading on an upward gap of more than 1%, gold is expected to continue its rise and reach the 2275 levels.
However, if a bearish price action is formed from these levels, some bearish correction is expected near the 2222 levels.
