Although the price of gold, which managed to rise above $ 1,800 this week, is on the rise, it has failed to reach the weekly average of $ 1,813 and $ 1,855 so far. Karen Jones, Head of Commerzbank FICC Technical Analysis Research Team, expects the gold and US dollar pair to drop to a September low of $1,721. Cryptocoin. com we share the analyst’s comments…
Annoying gold forecast from Commerzbank analyst
Commerzbank analyst Karen Jones said: “Gold rose to the 55-week movingollary average of $1,813 and is currently capped here. “We suspect the comeback from here will be pretty shallow, but we’re essentially neutral at this point.” XAU/USD is holding the pair’s highest levels of $1,832 and $1,834 since July and 2020-2021 in an attempt to rekindle the upside interest for the pair to rebound from June 4 lows to $1,856 and $1,857. It has to clear the $1,842 resistance line of the year. Above is the May 2021 peak of $1,917.
Jones, “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 $1,670, $1,611, the 2018-2021 uptrend line, will be targeted.