Current price: 2400
Key point: 2393
Our preferred direction: Buy positions above 2393 levels with 2433 as the first target and then 2450 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 2393 level, targeting the 2370 levels.
Technical commentary
Gold reached the support levels of 2393-2387 after its big drop at the end of last week. These levels are considered good for gold, so it is expected to rise again to the levels of 2433.
In the event of a break and close below the 2387 levels, gold will fall to the 2370 levels.
