Current price: 4234
Key point: 4155
Our preferred strategy: Buy positions above 4155 with a first target of 4275 and then a second target of 4380.
Alternative scenario: Stop loss and trend reversal upon breaking the 4140 level, targeting the 4045 level.
Technical commentary
As we mentioned in a previous analysis of gold, if the resistance levels of 4155-4185 are broken, the upward trend will continue, especially after the strong rise from the support levels of 3915 and the break above the pivotal resistance level of 4045.
Currently, gold is expected to continue its upward trend to levels of 4275, and then, if it breaks through to the upside, it will head towards levels of 4380, the record high for gold.
