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  • Gold price to slip back to the $1670 June 2020 low on a break below $1722 - Commerzbank
Ekonomické zprávy
13.10.2021

Gold price to slip back to the $1670 June 2020 low on a break below $1722 - Commerzbank

FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects gold to move back lower from the $1834 resistance level.

“The bounce has yet to clear moving average resistance at $1795/$1800 and we have extensive resistance from $1784 to $1834 (55, 200-day moving averages and highs since July) and we look for rallies to struggle on moves into this band. The 55-week ma also is found at $1817.”

“We are relatively neutral but downside risk remains. Below $1722, support is found at $1679.80/$1677.83, and is reinforced by the $1670 June 2020 low.”

“A close above $1834 is needed to retest the $1849 2020-2021 resistance line and $1856/57 4th June low. Above here lies the $1917 May 2021 peak.”

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