Gold (XAU/USD) has taken out the 2020-2021 downtrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the yellow metal to extend its rise towards the $2072 2020 peak.
Bullish bias above support line at $1710
“We target the $1959/65 November 2020 high and the 2021 high. These guard the 187/78.6% retracement and the $2072 2020 peak. Longer-term, we believe that this will also be overcome.”
“Dips lower will ideally be contained by the $1807 six-week uptrend. This guards the 20-day ma at $1762 and while above here the market should continue to maintain upside pressure.”
“Key support is the 2019-2021 uptrend at $1710 and the $1670.49 June 2020 low. While above here we will assume a longer-term upside bias.”
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