Gold remains bid and attention is on the 20-day at 1875.30 and 55-day ma at 1908.68. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, risk remains on the topside. Key quotes “Gold has recently tested and rebounded strongly from 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 1747.50 55-week ma.” “Rallies are currently capped by the 20-day ma at 1875.30 and will find initial resistance at the 55-day ma at 1908.68. This is likely to act as the barrier to the mid-September high at 1973.8 and the 78.6% retracement at 2025 which guards the target band of 2070/2088. This is a combination of Fibonacci extensions and Elliott wave counts.” “Below the 55-week ma at 1747.50(not favoured) would introduce scope to the 1670.49 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 USD/CHF struggles to make a convincing recovery, trades around 0.8860 FX Street 2 years Gold remains bid and attention is on the 20-day at 1875.30 and 55-day ma at 1908.68. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, risk remains on the topside. Key quotes “Gold has recently tested and rebounded strongly from 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 1747.50 55-week ma.” “Rallies are currently capped by the 20-day ma at 1875.30 and will find initial resistance at the 55-day ma at 1908.68. This is likely to act as the barrier to… 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.
