Gold is attempting to stabilise at the 2019-2021 uptrend at $1667 but the yellow metal needs to do more work to negate the downside pressure, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
See – Gold Price Analysis: XAU/USD to near the confluence support zone at $1,660-$1,670 – DBS Bank
Key quotes
“The market has sold off towards the $1670 June low and the $1667 2019-2021 uptrend. This is currently holding the downside.”
“Initial resistance is offered by the $1760/$1772 band, which is the May high and previous 50% retracement and the short-term downtrend in order to alleviate downside pressure and signal recovery to the 200-day ma at $1861.”
“Above $1861 lies $1906, the 21st December high, and the top of the channel at $1918. This guards the November and September highs at $1965.84/$1973.8 and the 78.6% retracement at 2006.”
“Below $1767 would imply ongoing weakness to $1584, the 78.6% retracement.”
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