Current price: 4747
Key point: 4675
Our preferred strategy: Buy positions above 4675 with a first target of 4800 and then a second target of 4890.
Alternative scenario: Stop loss and trend reversal upon breaking the 4645 level, targeting the 4590 level.
Technical commentary
Gold managed to break through the downtrend line from the peak of last February, holding above the support levels of 4645-4675, suggesting that gold is expected to continue its upward trend towards the 4800 level and then the 4890 level.
