Current price: 1889
Key point: 1880
Our preferred direction: buying positions above 1880 levels, targeting 1930 as a first target, then 1950 as a second target
Alternative scenario: stop the loss and change the direction by breaking 1880, targeting 1850
Technical comment
On the four-hour time frame, gold reached the support levels 1887-1900, with the presence of a harmonic ALT BAT pattern with a Fibonacci retracement rate of 113%. 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.
