Current price: 4775
Key point: 4735
Our preferred strategy: Buy positions above 4735 with a first target of 4860 and then a second target of 4960.
Alternative scenario: Stop loss and trend reversal upon breaking the 4710 level, targeting the 4600 level.
Technical commentary
Gold managed to break through the downtrend line from last month's peak, breaking and holding above 4735. Gold is expected to continue its upward trend towards 4860, and if it breaks through that level, it will likely target 4960.
