Current price: 4226
Key point: 4160
Our preferred strategy: Buy positions above 4160 with a first target of 4265 and then a second target of 4300.
Alternative scenario: Stop loss and trend reversal upon breaking the 4130 level, targeting the 4050 level.
Technical commentary
Gold remains stable above the key support levels of 4130-4160, above the 200-period moving average on the four-hour timeframe, and above the upward trend line from the low of last August.
With a breakout from the symmetrical triangle shown above, gold is expected to continue its upward trend towards the resistance levels of 4245-4265 and then the 4300 level.
