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- Gold points to further gains while above $1739 - Commerzbank
Gold points to further gains while above $1739 - Commerzbank
FXStreet notes that gold (XAU/USD) has seen recovery just ahead of the 2019-2021 uptrend line at $1739. While underpinned here, the bias of analysts at Commerzbank is bullish.
“Gold has bounced ahead of the $1739 2019-2021 uptrend line. While above there we will retain our longer-term upside bias.”
“Rallies will find initial resistance offered by the 200-day ma at $1829 and the $1857.25 4th June low. This guards the June high at $1916.91 and Fibo at $1921.”
“Longer-term we still target the $1959/65 November 2020 high and the 2021 high. These guard the $1989/78.6% retracement and the $2072 2020 peak."
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