Gold: Target is $1782 – Commerzbank
|Analysts at Commerzbank have held at the 1690/1704 target for some time. The market went there and basically collapsed. XAU/USD trades at 1587.95.
Key quotes
“Given that the market has reacted straight back to the 2019-2020 uptrend at 1544, we expect it to recover.”
“Target is 1782 (measurement high from the flag).”
“The long term outlook for gold is that it is heading to the top of its channel and the top of the 48 year channel is 1980.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.