Current price: 4325
Key point: 4300
Our preferred strategy: Buy positions above 4300 with a first target of 4380 and then a second target of 4425.
Alternative scenario: Stop loss and trend reversal upon breaking the 4280 level, targeting the 4220 level.
Technical commentary
Gold managed to rise from the support levels of 4100-4120, the 200-period moving average on the four-hour timeframe, and the broken downtrend line, breaking through the 4200-4220 levels. If it holds above 4230, the price is expected to continue its upward movement towards 4380 and then 4425.
