According to Karen Jones, analyst at Commerzbank, Gold saw a major rally higher that has completed its falling wedge pattern, which allows for a retest of the February high at 1347.11.

Key Quotes

“Directly above here lies the 1357.66 major resistance. This is the 2014-2019 resistance line. We have a myriad of resistance above here that extend to the 1392.55 2014 high and we think it will take several attempts to clear this major resistance. But longer term we continue to view this as a potential major base pattern, which once complete will target nearer 1690.”

“Provided that the market remains underpinned by the 200 day ma and October high at 1263.16/1243.55 we will maintain a longer term bullish outlook (favoured). Note that the 55 week ma lies 1260.24 and the 200 week ma lies 1249.24 and these reinforce support here. Initial support is the 1303.61 high from the 14th May.”

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