Current price: 2467
Key point: 2430
Our preferred direction: Buy positions above 2430 levels with 2480 as a first target and then 2500 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 2430 level, targeting the 2400 levels.
Technical commentary
Gold is moving in an upward direction on the four-hour frame above the pivotal support levels of 2430 after the big drop that occurred last Monday and gold’s stability above the 200 moving average and its rise from the support levels of 2387-2400
Gold is expected to continue rising to reach the next resistance levels at the 2476-2485 area and then the 2500 levels.
