Gold is attempting to stabilise at the 2019-2021 uptrend at $1667 but the yellow metal needs to do more work to negate the downside pressure, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
“The market has sold off towards the $1670 June low and the $1667 2019-2021 uptrend. This is currently holding the downside.”
“Initial resistance is offered by the $1760/$1772 band, which is the May high and previous 50% retracement and the short-term downtrend in order to alleviate downside pressure and signal recovery to the 200-day ma at $1861.”
“Above $1861 lies $1906, the 21st December high, and the top of the channel at $1918. This guards the November and September highs at $1965.84/$1973.8 and the 78.6% retracement at 2006.”
“Below $1767 would imply ongoing weakness to $1584, the 78.6% retracement.”
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