Current price: 3995
Key point: 3920
Our preferred strategy: Buy positions above 3920 with a first target of 4075 and then a second target of 4150.
Alternative scenario: Stop loss and trend reversal upon breaking the 3900 level, targeting the 3890 level.
Technical commentary
Gold remains above the key support levels of 3895-3950, above the 200-period moving average on the four-hour timeframe.
With the formation of the SHARK harmonic pattern at a 113% Fibonacci retracement level, a renewed rise in gold is expected if it breaks through the 4025-4045 levels, targeting 4075 and then 4150.
