Current price: 2585
Key point: 2550
Our preferred direction: Buy positions above 2550 levels with 2600 as a first target and then 2650 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 2550 level, targeting the 2530 levels.
Technical commentary
Gold is moving in an upward direction on the four-hour frame from the bottom of last August and above the support levels of 2530-2550, so the price is expected to rise to the levels of 2600 and then the levels of 2650.
