Gold is in the process of forming a potential major base - Commerzbank,
Analysts at Commerzbank, point out that gold is viewed forming a major base longer term. They warn about the key resistance at 1365.36/1375.53, signaling that a break higher could lead to rally to 1700.
Key Quotes:
“A weekly close above 1375.53 2016 high (and ideally above the 1392.56 2014 peak) should trigger a move eventually to just over 1700.00.”
“Gold is underpinned by the 1148.32 55 quarter moving average.”
“Initial upside targets are the 1522.48/1526.98 December 2011 and May 2012 lows.”
“Immediate upside pressure will be maintained while trading above the 1276.60/56 January lows.”
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
