Current price: 1912
Key point: 1901
Our preferred direction: buying positions at the highest levels of 1901, targeting 1967 as the first target, then 1983 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 1901 level while targeting the 1887 levels
Technical commentary
Gold prices move on the daily time frame in a symmetrical triangle between a downward trend line from last July’s high and an upward trend line from the August low.
There was a strong movement on gold last week after the US Federal Reserve fixed interest rates
If the price can break the upper border of the triangle, it will head to the 1967-1983 resistance levels
If the price can penetrate the lower border of the triangle, it will head to the support levels 1901-1887.
