Current price: 4049
Key point: 4066
Our preferred strategy: Sell positions above 4066 with a first target of 4025 and then a second target of 3977.
Alternative scenario: Stop loss and trend reversal upon breaking the 4075 level, targeting the 4110 level.
Technical commentary
Gold is currently trading below the key resistance level of 4066 and below the 200-period moving average on the four-hour timeframe. A further decline to 4025 is expected, and if this level is broken and the price holds below it, it will target 3977.
