Current price: 4378
Key point: 4376
Our preferred strategy: Buy positions above 4376 with a first target of 4400 and then a second target of 4440.
Alternative scenario: Stop loss and trend reversal upon breaking the 4365 level, targeting the 4330 level.
Technical commentary
Gold managed to break through the pivotal resistance levels of 4376-4365 and the downtrend line from the current month's high, making it expected that the price will rise to the 4400 level and then, if it breaks through that level, head towards the 4440 level.
