Current price: 2426
Key point: 2433
Our preferred direction: Sell positions below 2433 levels with 2400 as the first target and then 2385 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 2433 level, targeting the 2455 levels.
Technical commentary
Gold is moving in a strong upward trend from the bottom of last month, breaking the resistance levels of 2395. In case of breaking and holding above the levels of 2433, the price will head towards the levels of 2455.
On the other hand, the price formed the BAT harmonic pattern at the current levels and in case of forming a bearish price action, the price will head towards the levels of 2388-2395.
