Gold (XAU/USD) is approaching the 2020-2021 downtrend at $1865. The yellow metal is expected to break above here to target the $1959/65 neighborhood, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
2019-2021 support line comes in at 1706
“Gold is approaching the 200-day ma at $1848 and the 2020-2021 trendline at $1865, while these may hold the initial test, we are looking for a break higher. Above here will target the $1959/65 November 2020 high and the 2021 high. These guard the $2072 2020 peak.”
“Dips lower will ideally be contained by the $1788 6-week uptrend. This guards the 20-day ma at $1758, while above here the market should continue to stabilise.”
“Key support is the 2020-2021 uptrend at $1706 and the $1670.49 June 2020 low. While above here we will assume a 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD accelerates its rebound to the 1.0930 region, focus remains on US election
Further selling pressure continues to hurt the US Dollar and lends extra support to EUR/USD, motivating it to flirt with the area of four-week peaks past 1.0930, as the US election remains under way.
GBP/USD approaches 1.3050 on weaker Dollar, US election
Further optimism around the British pound and the broad risk complex lends extra legs to GBP/USD and sends it to new multi-day highs near the 1.3050 zone as investors continue to closely follow the developments around the US election.
Gold extends consolidative phase as US election result looms
Gold attracts dip-buyers after touching a one-week low on Tuesday but remains below $2,750. The benchmark 10-year US Treasury bond yield stays in positive territory above 4.3% as markets eye US election exit polls, limiting XAU/USD's upside.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
US election day – A traders’ guide
Election day volatility: Brace for potential wild market swings. Election days bring opportunities, but also risks. Unclear results can increase volatility further.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.