Gold Price Forecast: XAU/USD to retain its bullish tone above mid-May low at $1808.60 – Commerzbank
|Gold (XAU/USD) is set to remain overall bullish while above $1808.60 despite current correction lower, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
See – Gold Price Analysis: XAU/USD to end the year at $1800, potential for a nosedive to $1500 by end-2022 – OCBC
Bullish bias while above the 2019-2021 uptrend line at $1729.48
“Minor support comes in between the 200 and 55-day moving averages at $1838.97/$1831.52 with further minor support sitting between the mid-December and January lows as well as the late February high at $1821.80/$1810.48. Either of these we expect to hold. Only a slip through the next lower $1808.60 mid-May low would neutralize our forecast.”
“Longer-term, we target the $1959/65 November 2020 high and the 2021 high. These guard the 1989/78.6% retracement and the $2072 2020 peak.”
“Key support is the $1729.48 2091-2021 uptrend line. While above there we will retain our longer-term upside bias.”
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.