Gold Price Forecast: XAU/USD to surge higher above the $2,072 high – Commerzbank

FXStreet Insights Team FXStreet

Gold is being used as an inflation hedge. Analysts at Commerzbank believe that the high at $2,072 will prove to be a catalystic break point on the topside.

Bullish bias while above the 2021 low at $1,677

“Gold is in a long term bull move, and will remain so while above $1,677 the 2021 low.”

“The long term target is the $2,052/72 2020 high.”

“Risks are for an upside break, which if seen (favoured) will target $2,300/01 and ultimately inter-year $2,676/$2,686.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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