Current price: 4704
Key point: 4675
Our preferred strategy: Buy positions above 4675 with a first target of 4830 and then a second target of 4890.
Alternative scenario: Stop loss and trend reversal upon breaking the 4645 level, targeting the 4555 level.
Technical commentary
Gold is currently positioned above the key support levels of 4675-4645, below the 200-period moving average on the four-hour timeframe, and after breaking the descending trend line from the March high. A break above 4740 would target 4830 and then 4890.
