The gold price took heavy losses and recently dropped below the key $1,800 zone. Karen Jones, Head of FICC’s Technical Analysis Research Team at Commerzbank, said the precious metal would need to hold above $1,750 if there is a lower collapse for an uptrend to continue. Here are the details given by the analyst…
New comment for gold price from Commerzbank analyst
According to Karen Jones, senior analyst at Germany-based Commerzbank, if the price of the precious metal falls below $1,750, the August levels of $1,693 can be seen again. According to the analyst, gold was sold aggressively after experiencing a significant rise. cryptocoin.com As we have also reported, while its price reached above $ 1,860, it suddenly decreased to $ 1,800. Jones says sales are seen as corrective. The market should be well supported up to the $1,750 zones.
On the other hand, assuming the $1,750 area points to the downside, he points out that a recovery towards last week’s high at $1,877 could be seen. The analyst highlights the May 2021 peak of $1,917 and $1,922 at the higher levels. These levels also coincide with the 61.8% Fibonacci retracement level and 2011 highs. The Commerzbank analyst uses the following statements about this level:
These levels will act as the breakout point that must be reached for a rise to the November 2020 high of $1,965 and the 78.6 percent Fibonacci retracement level to $1,989. The last line of defense will be crossed with the August 2020 peak of $2,072. Below $1,750, it will target $1,721 September 2021 low and $1,693 August low.
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