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- $1810 is the level to beat for gold bears – Commerzbank
$1810 is the level to beat for gold bears – Commerzbank
FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, discusses the prospects of gold.
“Gold traded through the 10-month uptrend but did not CLOSE below here and we have re-drawn it. We favor recovery off the 1810 recent low but suspect that we will just see further consolidation for this week. Near term rallies will find initial resistance at 1906, the 21st December high ahead of the November and September highs at 1965.84/1973.8. This remains the barrier to the 78.6% retracement at 2006. Below the 1810 level lies key support, which remains 1760/1765.61 May high and 50% retracement".
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