Gold (XAU/USD) has based short-term and targets the $1835 level, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
See – Gold Price Analysis: US Treasury yields and USD to ease later in the year, allowing for XAU/USD gains – HSBC
2019-2021 support line comes in at $1692
“Gold has completed a small base at approximately $1756-$1677 which offers an upside measured target to $1835. This is our short-term target. Above here lies the 200-day ma at $1857.58 and the downtrend at $1881. We suspect that this will hold the topside for now.
“Key support is the 2020-2021 uptrend which is also in this vicinity at $1692 and the $1670.49 June 2020 low. While above here we will assume an upside bias.”
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