Current price: 2391
Key point: 2363
Our preferred direction: Sell positions below 2363 levels with 2400 as a first target and then 2430 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 2363 level, targeting the 2340 levels.
Technical commentary
Gold prices rose sharply during last week's trading after the continuation of geopolitical tensions between Israel and Iran, which led to the continued rise of gold. Gold is trading above the support levels of 2358 and the top of the ascending trend line, so it is expected to continue rising to reach levels of 2430. However, in the event of a decline and closing below levels of 2358, gold will then head towards levels of 2340.
