XAU/USD to regain upside momentum above the $1,834 mark – Commerzbank

Gold (XAU/USD) has rallied to and so far failed at the $1,811 55-week ma. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a neutral while capped here.

Minor support seen at $1,760 ahead of the $1,721 September low

“Gold remains capped by the 55-week ma at $1,811. We suspect that the move back from here will be pretty shallow, but for now, we are neutral.”

“The yellow metal has to clear the $1,834 highs since July and the $1,838 2020-2021 resistance line in order to regenerate upside interest for a recovery to $1,856/57 4th June low. Above here lies the $1,917 May 2021 peak. 

“We have minor support at $1,760 ahead of the $1,721 September low.” 

“Below $1,721, support is found at $1,679/77 and is reinforced by the $1,670 June 2020 low. Below $1,670 would target the 2018-2021 uptrend at $1614.

See – Gold Price Forecast: XAU/USD set to grind lower below the $1,691/77 zone – Credit Suisse

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