Current price: 4835
Key point: 4755
Our preferred strategy: Buy positions above 4755 with a first target of 4888 and then a second target of 4900.
Alternative scenario: Stop loss and trend reversal upon breaking the 4740 level, targeting the 4700 level.
Technical commentary
Gold is moving in an upward direction as usual, above the 200-period moving average on the hourly timeframe and above the support level of 4755.
With yesterday's formation of a new record high at the 4888 level, gold entered a corrective decline within a symmetrical triangle. If it breaks above this triangle, the price will then head towards the 4888 level and subsequently form a new high at the 4900 level.
