Although the price of gold, which managed to climb above $ 1,800 this week, is on the rise, it has so far failed to reach the weekly moving average of $ 1,813 and $1,855. Karen Jones, Head of Commerzbank FICC Technical Analysis Research Team, expects the gold and US dollar pair to drop to a low of $1,721 in September. cryptocoin.com We share the analyst’s comments…
Annoying gold forecast from Commerzbank analyst
“Gold rose to the 55-week moving average at $1,813 and is currently capped here,” Commerzbank analyst Karen Jones said. “We suspect the comeback from here will be pretty shallow, but we’re essentially neutral at this point.” XAU/USD has to clear the pair’s highs of $1,832 and $1,834 since July and $1,842, the 2020-2021 resistance line, to revive upside interest for the pair to recover from June 4 lows to $1,856 and $1,857. . Above is the May 2021 peak of $1,917.
“We have a small support at $1,760 before September’s low of $1,721. Below $1,721 support is found at $1,679 and $1,677 and is supported by June 2020 lows at $1,670. Below $1670, $1,611, the 2018-2021 uptrend line, will be targeted.”
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