Current price: 4812
Key point: 4700
Our preferred strategy: Buy positions above 4700 with a first target of 4870 and then a second target of 4960.
Alternative scenario: Stop loss and trend reversal upon breaking the 4650 level, targeting the 4550 level.
Technical commentary
Gold managed to rise from the key support levels of 4650-4700 after breaking through a descending trendline from last month's high. Holding above 4800, gold will target 4870. A break above this level, coupled with a break above the 200-period moving average on the four-hour chart, would then target 4960.
