Current price: 4168
Key point: 4217
Our preferred strategy: Sell positions below 4217 with a first target of 4150 and then a second target of 4105.
Alternative scenario: Stop loss and trend reversal upon breaking the 4226 level, targeting the 4243 level.
Technical commentary
Gold is consolidating below the 200-period moving average on the four-hour timeframe, below the 4217-4226 resistance levels, and below the descending trend line from the previous month's high.
The price is expected to continue its decline to the 4150 level, and then, if it breaks through that level, it will head towards the 4105 level.
