Current price: 4242
Key point: 4245
Our preferred strategy: Sell positions below 4245 with a first target of 4170 and then a second target of 4100.
Alternative scenario: Stop loss and trend reversal upon breaking the 4270 level, targeting the 4365 level.
Technical commentary
Gold fell from the resistance level of 4365 and from the downtrend line from the peak of last February until it reached the support levels of 4270-4245. If it breaks downwards, gold will head towards the levels of 4170 and then the levels of 4100.
