Current price: 2327
Key point: 2325
Our preferred direction: Buy positions above 2325 levels with 2363 as the first target and then 2385 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 2325 level, targeting the 2300 levels.
Technical commentary
After the strong decline of the yellow metal during last week's trading after forming the harmonic SHARK pattern, gold reached the support levels of 2325-2330. Forming a descending price channel. In case the price rises above the levels of 2332, this will lead gold to complete the rise to the levels of 2363
