Current price: 1904
Key point: 1900
Our preferred direction: buying positions above 1900 levels, targeting 1930 as a first target, then 1950 as a second target
Alternative scenario: stop the loss and change the direction by breaking 1900, targeting 1870
Technical comment
On the four-hour timeframe, gold reached support levels 1887-1900, with the presence of a Harmonic BAT pattern with a Fibonacci retracement rate of 88%. In the event that the price breaches the bearish trend line from last month’s peak, it will be expected to complete the ascent to 1930 levels, then 1950 levels.
