Current price: 4210
Key point: 4160
Our preferred strategy: Buy positions above 4160 with a first target of 4265 and then a second target of 4300.
Alternative scenario: Stop loss and trend reversal upon breaking the 4130 level, targeting the 4050 level.
Technical commentary
Gold remains stable above the key support levels of 4130-4160, above the 200-period moving average on the four-hour timeframe, and above the upward trend line from the low of last August.
If the 4220 level is broken upwards, gold is expected to continue its rise to the resistance levels of 4245-4265 and then to the 4300 level.
