Gold prices edged higher as major central banks cut interest rates and the focus shifted to the monthly US jobs report to be released in the coming months. The precious metal is changing hands at $1,794. Meanwhile, Commerzbank, a famous bank, gave the next levels for gold. cryptocoin.com As we examine the details…
Commerzbank analyst remains neutral on gold prices
Karen Jones, Head of the FICC Technical Analysis Research Team at Commerzbank, remains neutral on gold. Minor support is seen at $1,760 before September’s low of $1,721. The analyst says that gold continues to be capped by the 55-week moving average of $1,811, where he thinks the return will be pretty shallow. However, the team states that they maintain their neutrality for now.
“Yellow metal needs to surpass $1,834 since July highs and the 2020-2021 resistance line of $1,838 to move up and rebound towards June 4 lows of $1,856 and $1,857. Above is the May 2021 peak of $1,917,” he says, adding the following statements:
We have a minor support at $1,760 before September’s low of $1,721. Below $1,721, support is found at $1,679 and $1,677, and June 2020 lows are supported by $1,670. Below $1,670, $1,614 will be targeted, which sets the 2018-2021 uptrend.
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