Current price: 4615
Key point: 4550
Our preferred strategy: Buy positions above 4550 with a first target of 4630 and then a second target of 4660.
Alternative scenario: Stop loss and trend reversal upon breaking the 4550 level, targeting the 4500 level.
Technical commentary
Gold is moving as usual in a strong upward trend from the lows of last August, above the 200-period moving average on the four-hour timeframe and above the support level of 4550. This week it formed a new all-time high at the 4630 level.
The yellow metal is expected to continue its upward trend, reaching levels of 4630 and then 4660.
