Current price: 4050
Key point: 4122
Our preferred strategy: Sell positions below 4122 with a first target of 4000 and then a second target of 3960.
Alternative scenario: Stop loss and trend reversal upon breaking the 4144 level, targeting the 4200 level.
Technical commentary
Gold has fallen from the downtrend line from the February peak and below the 200-period moving average on the four-hour timeframe. After breaking the 4120-4144 levels, gold is expected to continue its decline to the 4000 level and then to the 3960 level.
