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- Gold to retry the topside towards the $1876 mark – Commerzbank
Gold to retry the topside towards the $1876 mark – Commerzbank
FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects gold to retry the upside as the $1730/23 zone is held off.
“Gold’s up move has faltered at the 55-day ma at $1800.64 for now. More worrying is the fact that the Elliott wave counts have turned more negative and are implying a retracement towards the $1730/23 zone. Provided it holds there we should retry the topside once again.”
“Above the 55-day ma lies the 200-day ma at $1856.36 and the downtrend at $1876. We suspect that this will hold the topside for now.”
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