Analysts at Commerzbank have held at the 1690/1704 target for some time. The market went there and basically collapsed. XAU/USD trades at 1587.95.

Key quotes 

“Given that the market has reacted straight back to the 2019-2020 uptrend at 1544, we expect it to recover.”

“Target is 1782 (measurement high from the flag).”

“The long term outlook for gold is that it is heading to the top of its channel and the top of the 48 year channel is 1980.”

 

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