Current price: 4320
Key point: 4280
Our preferred strategy: Buy positions above 4280 with a first target of 4350 and then a second target of 4380.
Alternative scenario: Stop loss and trend reversal upon breaking the 4270 level, targeting the 4240 level.
Technical commentary
Gold is moving above an upward trend line from the low of last August, above the 200-period moving average on the four-hour timeframe, and above the support level of -428. A rise to the 4350 level and then the 4380 level is then expected.
