Current price: 4200
Key point: 4135
Our preferred strategy: Buy positions above 4135 with a first target of 4245 and then a second target of 4320.
Alternative scenario: Stop loss and trend reversal upon breaking the 4100 level, targeting the 4045 level.
Technical commentary
Gold is moving in an upward direction after rising from the support levels of 4000 and breaking through the levels of 4045 and the 200 moving average on the four-hour timeframe, and also breaking through the resistance levels of 4130.
If gold holds above the upward trend line from the low of last August, it is expected to continue its rise to the 4245-4260 levels.
