Gold Price Forecast: XAU/USD to recover towards the $1750 mark – Commerzbank
|Gold’s spike lower has exhausted ahead of the March lows at $1679/$1677. Strategists at Commerzbank favour some consolidation/recovery as the sell-off has not damaged the underlying long term bull trend.
See – Gold Price Forecast: XAU/USD trend to shift lower below $1682/71 – Credit Suisse
XAU/USD remains above the $1670 June 2020 low, holding the downside
“Gold saw a massive spike lower and has sold off to the March lows at $1679/$1677, which are currently holding. This is reinforced by the $1670 June 2020 low.”
“The slide lower took out the 2019-2021 uptrend line, which was damaging but has not done enough to tip the market into bearish territory and for now we believe the move lower was exhaustive and favour some near-term consolidation and recovery.”
“Rallies will find initial resistance at the June low at $1750 and face tough resistance now above $1804 and $1834 (100 and 200 day ma and the mid-July high.”
“Below 1670 (not favoured) would target the 2018-2021 uptrend at 1581.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.