- Analytics
- News and Tools
- Market News
- Gold to suffer some near-term weakness – Commerzbank
Gold to suffer some near-term weakness – Commerzbank
FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the yellow metal to experience some weakness in the short-term.
“Gold has tested and again failed at the 55-day ma at $1797.44. This has served to reinforce the resistance here and coupled with a now negative daily RSI and a negative Elliott wave count we would allow for some near term weakness.”
“For now, we will allow for slippage to the 20-day ma at $1752. There is scope for $1724/23, the 61.8% retracement. Provided it holds there we should retry the topside once again.
“Above $1799 lies the 200-day ma at $1852 and the downtrend at $1871. We suspect that this will hold the topside for now.”
© 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
