Current price: 4464
Key point: 4447
Our preferred strategy: Buy positions above 4447 with a first target of 4515 and then a second target of 4590.
Alternative scenario: Stop loss and trend reversal upon breaking the 4423 level, targeting the 4436 level.
Technical commentary
Gold reached the pivotal support levels of 4447-4423 and rose from there, holding above them. It is expected to continue its upward trend towards the 4515 level, which coincides with the downtrend line from the peak of last February. If it breaks above this level, it will then head towards the 4590 level.
