Current price: 4410
Key point: 4400
Our preferred strategy: Buy positions above 4400 with a first target of 4450 and then a second target of 4500.
Alternative scenario: Stop loss and trend reversal upon breaking the 4400 level, targeting the 4350 level.
Technical commentary
Gold is moving above an upward trend line from the low of last August and above the support levels of 4350-4400 and above the 200 moving average on the four-hour timeframe, so it is expected that the price will continue to rise to the levels of 4450 and then the levels of 4500.
