Current price: 2417
Key point: 2417
Our preferred direction: Sell positions below 2417 levels with 2400 as a first target and then 2380 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 2417 level, targeting the 2460 levels.
Technical commentary
Gold is moving in a strong upward trend on the daily frame, breaking through historical levels. If the rise continues and it stabilizes above the 2430 levels and above the ascending trend line from the bottom of April, gold will head towards the 2460 levels.
In the event of a decline and stability below the 2417 levels, the harmonic pattern will be activated and the indicator will head towards the 2378 levels.
