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- Gold to turn bearish once below uptrend at $1729 - Commerzbank
Gold to turn bearish once below uptrend at $1729 - Commerzbank
FXStreet reports that gold’s sudden slip through the $1808.60 mid-May low forced analysts at Commerzbank to neutralize their long-term forecast. The 2019-2021 uptrend line at $1729.48 is key for the long-term uptrend.
“XAU/USD is currently holding above the $1757.09/$1755.76 mid-March high and late April low, a slip through which would engage key support at the $1729.48 2019-2021 uptrend line. While above there we will retain our longer-term upside bias.”
“Longer-term, we still target the$ 1959/65 November 2020 high and the 2021 high.”
“Minor resistance on the way up can be spotted at the $1808.60/181621 late February high and mid-May low above which the 55 and 200-day moving averages can be seen at $1833.00/$1835.18.”
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