Current price: 4568
Key point: 4510
Our preferred strategy: Buy positions above 4510 with a first target of 4645 and then a second target of 4770.
Alternative scenario: Stop loss and trend reversal upon breaking the 4480 level, targeting the 4420 level.
Technical commentary
Gold rose from the pivotal support levels of 4480-4510, forming a harmonic SHARK pattern at these same levels. If it breaks through the pivotal resistance levels of 4570-4585, gold will then head towards the 4645 level and subsequently the 4770 level.
