Strategists at Commerzbank suspect the yellow metal has seen a false break of the 1819 uptrend which allows for recovery with the first resistance seen at 1906. Key quotes “Gold traded through the 10-month uptrend at 1819 but did not close below here and we suspect has seen a false break of trend line support. If we are right we should regard 1810 as an interim low and look for the market to again recover.” “Near-term rallies will find initial resistance at 1906 the 21st December high ahead of the November and September highs at 1965.84/1973.8. This remains the barrier to the 78.6% retracement at 2006.” “Below the 1810 level lies key support, which remains the 1760/1765.61 May high and 50% retracement. We view the market as having based here, and note that this support is further reinforced by the 1781 55-week ma. Below 1760 would leave the market under pressure and attention on the 1670 June low.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD retreats from multi-year tops, still well bid above mid-1.3600s FX Street 2 years Strategists at Commerzbank suspect the yellow metal has seen a false break of the 1819 uptrend which allows for recovery with the first resistance seen at 1906. Key quotes “Gold traded through the 10-month uptrend at 1819 but did not close below here and we suspect has seen a false break of trend line support. If we are right we should regard 1810 as an interim low and look for the market to again recover.” “Near-term rallies will find initial resistance at 1906 the 21st December high ahead of the November and September highs at 1965.84/1973.8. This remains the barrier… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
