Current price: 5080
Key point: 4970
Our preferred strategy: Buy positions above 4970 with a first target of 5110 and then a second target of 5140.
Alternative scenario: Stop loss and trend reversal upon breaking the 4960 level, targeting the 4900 level.
Technical commentary
As is typical each week, a new peak forms for gold at the 5110 level, and the strong upward trend for gold continues with minor and shallow corrections.
Currently, the support that the price is holding is at the 4970 level and above the upward trend line shown.
Gold is expected to continue its upward trend, reaching levels of 5110 again and then 5140.
