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- Gold price set to overcome 2020 highs at $2072 - Commerzbank
Gold price set to overcome 2020 highs at $2072 - Commerzbank
FXStreet reports that gold (XAU/USD) has taken out the 2020-2021 downtrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the yellow metal to extend its rise towards the $2072 2020 peak.
“We target the $1959/65 November 2020 high and the 2021 high. These guard the 187/78.6% retracement and the $2072 2020 peak. Longer-term, we believe that this will also be overcome.”
“Dips lower will ideally be contained by the $1807 six-week uptrend. This guards the 20-day ma at $1762 and while above here the market should continue to maintain upside pressure.”
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