- Analytics
- News and Tools
- Market News
- Gold: Longer-term target at top of 49-year channel at 1981.56 - Commerzbank
Gold: Longer-term target at top of 49-year channel at 1981.56 - Commerzbank
FXStreet notes that gold is trading near seven-year highs, currently at $1770, and Commerzbank’s Karen Jones is looking for the yellow metal to reach the top of the 49-year channel at 1981.56.
“Gold uptrend at 1735 has resumed its up move and has eroded its May high at 1765.61. This guards the 1791.16/1803.29 highs from February and October 2012 and November 2011. This area is considered to be the last defence for the 1921.50 September 2011 high. Please note there is room for an overshoot to the top of a 49-year channel at 1981 and this is our long-term target.”
“Immediate support is the three-month uptrend at 1735, but while above 1661.84 (the mid-April low), an immediate upside pressure should be maintained. Only failure here would allow for a slightly deeper retracement to 1645 and potentially 1608 (50% retracement).”
“A longer-term positive bias will be preserved while gold trades above the 1451.45/1445.53 November and March lows.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
