Current price: 2360
Key point: 2350
Our preferred direction: Buy positions above 2350 levels with 2388 as the first target and then 2400 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 2350 level, targeting the 2340 levels.
Technical commentary
Gold is currently moving in a sideways trend on the 4-hour frame since the beginning of last June. The resistance levels for the trend are from the 2393-2387 area, and currently the price is stable above the support levels of 2353 with a breach of the downtrend line to target the 2380 levels.
In the event of a break and close below the 2353 levels, gold will head towards the 2314 levels.
