Current price: 4566
Key point: 4510
Our preferred strategy: Buy positions above 4510 with a first target of 4645 and then a second target of 4775.
Alternative scenario: Stop loss and trend reversal upon breaking the 4480 level, targeting the 4400 level.
Technical commentary
Gold reached the pivotal support levels of 4510-4480 and rose from there, and is expected to resume its upward movement towards the resistance levels of 4645-4675. If it breaks through these levels, it will then head towards the 4775 level.
