Gold Price Analysis: XAU/USD to reassert its upside potential above $1765 – Commerzbank

FXStreet Team FXStreet

Gold (XAU/USD) is attempting to base but will need to close above 1766 to confirm, Karen Jones, Team Head FICC Technical Analysis Research, informs.

See – Gold Price Analysis: XAU/USD to race higher towards $2000 by year-end – DBS Bank

2019-2021 support line comes in at 1688.50

“Gold continues to hold over the 1670.49 June low and looks to be attempting to base near term at 1677.73/1676.80. The 2020-2021 uptrend is also in this vicinity at 1688.50.”

“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 1858.”

“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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FXStreet Team

FXStreet

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