Current price: 4562
Key point: 4645
Our preferred strategy: Sell positions below 4645 with a first target of 4480 and then a second target of 4420.
Alternative scenario: Stop loss and trend reversal upon breaking the 4675 level, targeting the 4735 level.
Technical commentary
Gold broke the pivotal support levels of 4675-4645, below the 200-period moving average on the four-hour timeframe and below the descending trendline from the February peak. Further declines are expected (if the price breaks below 4554), targeting 4480 and then 4420.
