Gold Price Forecast: XAU/USD to see further gains towards the $1917 May high once above $1835 – Commerzbank
|Gold needs to go back on the radar as it is probing its downtrend at $1834/35. A break above here would clear the way for a deeper recovery to the $1917 May 2021 peak, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
XAU/USD is probing the 2020-2021 downtrend at $1835
“Gold is probing key resistance at $1834/35, which represents the highs since July and the 2020-2021 downtrend. While this may prompt a small pullback, this is indicated to remain shallow and should ideally remain contained by the $1790/83 band of moving averages.”
“A close above $1835 should be enough to regenerate upside interest for a further recovery to $1856/57 4th June low and the $1917 May 2021 peak.”
“We have minor support at $1759 ahead of the $1721 September low. Below $1721, support is found at $1679/$1677, and is reinforced by the $1670 June 2020 low.”
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