Current price: 4505
Key point: 4480
Our preferred strategy: Buy positions above 4480 with a first target of 4570 and then a second target of 4645.
Alternative scenario: Stop loss and trend reversal upon breaking the 4455 level, targeting the 4420 level.
Technical commentary
Gold is consolidating within the 4480-4510 support zone, forming a 113% Fibonacci retracement harmonic pattern. A break above 4570 would target the 4645-4675 resistance levels, which align with the descending trendline from the February peak and the 200-period moving average on the 4-hour timeframe.
