Current price: 4450
Key point: 4350
Our preferred strategy: Buy positions above 4350 with a first target of 4600 and then a second target of 4735.
Alternative scenario: Stop loss and trend reversal upon breaking the 4300 level, targeting the 4250 level.
Technical commentary
Gold remains stable above the key support levels of 4250-4350. If it breaks through the 4500 level, gold will then head towards 4600 and subsequently 4735.