Gold Price Forecast: XAU/USD to turn bearish once below uptrend at $1729 – Commerzbank

Gold’s sudden slip through the $1808.60 mid-May low forced analysts at Commerzbank to neutralize their long-term forecast. The 2019-2021 uptrend line at $1729.48 is key for the long-term uptrend.

So far remains above the 2019-2021 uptrend line at $1729.48 

“XAU/USD is currently holding above the $1757.09/$1755.76 mid-March high and late April low, a slip through which would engage key support at the $1729.48 2019-2021 uptrend line. While above there we will retain our longer-term upside bias.” 

“Longer-term, we still target the$ 1959/65 November 2020 high and the 2021 high. These guard the $1989/78.6% retracement and the 2072 2020 peak.” 

“Minor resistance on the way up can be spotted at the $1808.60/181621 late February high and mid-May low above which the 55 and 200-day moving averages can be seen at $1833.00/$1835.18. Further resistance sits at the $1875.79 late January high.”