Gold Price Analysis: XAU/USD to confirm a base on a close above the $1766 mark – Commerzbank

FXStreet Team FXStreet

Metals generally higher, lifted by a weaker US Dollar, as gold is attempting to base but will need to close above $1766 to confirm, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

See – Gold Price Analysis: XAU/USD set to average $1800 in 2021 – Citibank

Gold holds off the June low at $1670.49

“Gold has again tested and held over the $1670.49 June low and appears to have based near-term at $1677.73/$1676.80.”

“Further upside attempts look likely and attention has reverted to the $1765.24/61 November low and May 2020 high. Only a close above here will negate downside pressure and convince us there is scope to recover to the $1816.21 23rd February high and the 200-day ma at $1859.50.”

“Below $1670 lies the 50 % retracement of the 2018-2021 advance at $1616.18. Below it the September 2019 high can be seen at $1557.29.”

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