FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, said that gold prices face prospects of extra gains if $1,834.16 is cleared.
“Gold really needs to overcome the 1834.16 mid-July high to regenerate upside interest and at currently levels we are relatively neutral. The daily Elliott wave count remains negative and below 1790 will target the 1752 2019-2021 uptrend line. While above there we will retain our longer term upside bias, however the lack of a sustained bounce is worrying. Above 1834.16 lies the 1857.25 4 th 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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