Current price: 2632
Key point: 2618
Our preferred direction: Buy positions above 2618 levels with 2685 as a first target and then 2700 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 2618 level, targeting the 2600 levels.
Technical commentary
Gold reached the support levels of 2618 after the strong rise during the past week. In the event of a breakout and closing above the levels of 2645, gold will head towards the levels of 2680.
In the event of a breakout and closing below the 2618 level, gold will fall to the 2590 level and then the 2550 level.
