Gold: Forays above $2000 to remain short-lived – Commerzbank
Gold has reached Commerzbank's target of $1983. Strategists at the bank expect the yellow metal to experience some profit taking as forays above are seen short-lived. On the flip side, the 55-day ma at $1838 is a solid support.
Key quotes: "Gold has reached the top of its 49 year channel at $1983. It represents our long-term target. This should hold the initial test and provoke some profit-taking."
"Forays above $2000 are expected to remain short-lived. Above $2000 we have a point and figure target of $2030 and a Fibonacci extension to $2088."
"Support is offered by the 55-day ma at $1838 and the five-month uptrend at $1829. Below 1829 lies the $1765 May high. This guards the $1670 June low." Read more...
Gold to negate bullish bias below $1960
Gold (XAU/USD) is currently testing the $1973/72 support which would open the door toward $1966. Further down, a break below $1960 would dissipate the bullish bias. On the fundamental side, the yellow metal finds support from the US 10-year real or inflation-adjusted yield which hits record low of -1%, FXStreet's Dhwani Mehta briefs.
Key quotes: "The negative US 10-year real yields, which wallow near record lows of -1%, are indicative of dour macro outlook, thus, underpinning the safe-haven bids for gold. Fresh US-China concerns over the Hong Kong and Tik-Tok issue could likely benefit the precious metal going forward. Next of relevance for traders remains the US Factory Orders data and ongoing US stimulus negotiations." Read more...
Gold predicted to advance to $2,200/oz in Q1 2021 – UOB
Strategists at UOB Group gave their opinion on the perspective for the precious metal in the next months.
Key Quotes: "Since last year, we have maintained a positive outlook for gold due to expectations of "lower for longer" interest rates."
"Gold has since staged a strong rally over the past month, pushing its way above our quarterly longer term forecast of USD 1,850/oz by 2Q21. With this latest rally, gold has broken above the previous peak of USD 1,920 in Sep 2011. In terms of technical outlook, we note that "the upward momentum is strong and the focus is at USD 2,000. Next resistance of note above USD 2,000 is around USD 2,040 followed by USD 2,100". Read more...
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