Current price: 4888
Key point: 4720
Our preferred strategy: Buy positions above 4720 with a first target of 4990 and then a second target of 5110.
Alternative scenario: Stop loss and trend reversal upon breaking the 4700 level, targeting levels of 4620.
Technical commentary
Gold managed to rise again from the support level of 4400, from the upward trend line from the low of last August, and from the 200-period moving average on the four-hour timeframe, and is heading towards the resistance level of 4990.
If these levels are breached and the price holds above them, it will then head towards the 5110 level.
