Current price: 2027
Key point: 2009
Our preferred direction: buy positions at the highest levels of 2009, targeting 2037 as the first target, then 2045 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 2009 level while targeting the 1990 levels
Technical commentary
Gold prices rose from the 2001-2009 support levels on the four-hour time frame, forming a reflexive falling wedge pattern, which if it breaches the upper limit, the pattern will be activated and gold will continue its rise to the 2037 levels and then the 2045 levels.
In the event of a rebound and breach of the mentioned support levels, gold will fall to the next support levels at the 1985-1990 area.
