Gold continues to see signs of recovery. Gold prices, which fell to $ 1,760 in the past weeks, started to rise this week and broke $ 1,780 yesterday. Today, it traded at levels close to $1,790. At the time of writing, the price of an ounce of gold is around $1,787. So, will the price of the precious metal rise? Here are the opinions of Commerzbank analysts…
Commerzbank analysts: Gold prices looking for deeper rally
cryptocoin.com As we have also reported, gold has seen levels very close to $ 1,790 today. Meanwhile, XAU/USD will need to regain the 200-day moving average at $1,794 to confirm the upside move to July tops, according to Karen Jones, Head of FICC Technical Analysis Research Team at Commerzbank. Analysts use the following statements:
The bounce has yet to break the moving average resistance at $1,794 and just above this will allow a rally towards $1,834.16 and $1,821, the highest since July. We think that the rallies will have difficulties in the moves towards here. The 55-week moving average is at $1,815.
Although analysts say they are relatively neutral on the price action of the precious metal; They think only a close above $1,845 (the 2020-2021 resistance line) could rekindle upside interest for a recovery to $1,856/1,857 June 4 low. Above this level lies the 2021 high of $1,917. Below $1,721 support is found at $1,679.80/1,677.83 and is supported by June 2020 lows at $1,670, according to Commerzbank analysts. If it goes below $1,670, the target is $1,608.
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