Current price: 5095
Key point: 5000
Our preferred strategy: Buy positions above 5000 with a first target of 5200 and then a second target of 5400.
Alternative scenario: Stop loss and trend reversal upon breaking the 4995 level, targeting the 4990 level.
Technical commentary
Gold has been moving sideways throughout this week's trading, between support levels of 5000-5050 and resistance levels of 5200-5250.
However, the upward trend remains intact as long as the price holds above the 200-period moving average on the four-hour timeframe.
Gold is expected to resume its upward trend towards the aforementioned resistance levels of 5200-5250.
