Current price: 4280
Key point: 4220
Our preferred direction: Buy positions above 4220 levels, targeting 4380 as the first target, then 4420 as the second target.
Alternative scenario: Stop loss and change the trend by breaking the 4210 level, targeting the 4180 level.
Technical commentary
Gold continued to set records, reaching a new all-time high of 4380, before beginning a corrective decline near the pivotal support levels of 4245-4220 and the top of two ascending trend lines.
Gold is expected to rise again to the 4380 level and then the 4420 level after today's corrective decline.
