Market news
17.03.2021, 13:29

Gold to negate downside pressure on a break above $1765 – Commerzbank

FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, discusses gold prospects.

“The market is bouncing just ahead of the $1670 June low and the 1671 2019-2021 uptrend. This is currently holding the downside. Initial resistance is offered by the $1760/65 band, which is the May high and November low and a close above here is needed in order to alleviate downside pressure and signal recovery to the 200-day ma at $1861.10. Above the 200-day ma at $1861.10 lies 1906, the 21st December high, and the top of the channel at $1918. This guards the November and September highs at $1965.84/$1973.8 and the 78.6% retracement at 2006.”

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