Current price: 5220
Key point: 5120
Our preferred strategy: Buy positions above 5120 with a first target of 5335 and then a second target of 5500.
Alternative scenario: Stop loss and trend reversal upon breaking the 5100 level, targeting the 5000 level.
Technical commentary
Gold is moving in an upward direction, above the 200-period moving average on the four-hour timeframe, above the 5120 support level, and above the upward trend line from the current month's low.
If the 5250 level is broken upwards, gold will then head towards the 5340 level and then the 5500 level.
