Current price: 4138
Key point: 4130
Our preferred strategy: Buy positions above 4130 with a first target of 4200 and then a second target of 4245.
Alternative scenario: Stop loss and trend reversal upon breaking the 4100 level, targeting the 4000 level.
Technical commentary
Gold rose from the pivotal support level of 4005, from the upward trend line from the September low, and from the 200-period moving average on the four-hour timeframe.
With gold holding above the support level of 4045 and potentially breaking through the key resistance level of 4130, it is expected to continue its upward trend towards 4200 and then 4245.
