Current price: 4270
Key point: 4200
Our preferred direction: Buy positions above 4200 levels, targeting 4380 as the first target, then 4420 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 4180 level, targeting the 4100 level.
Technical commentary
Gold retested the 4380 levels, the historical peak that gold formed last week, and then fell again near the pivotal support levels of 4180-4200 and the top of two ascending trend lines, and as usual above the 200 moving average on the four-hour frame.
It is expected that gold will rise again to the 4380 levels and then the 4420 levels.
