Gold (XAU/USD) is approaching the 2020-2021 downtrend at $1865. The yellow metal is expected to break above here to target the $1959/65 neighborhood, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
2019-2021 support line comes in at 1706
“Gold is approaching the 200-day ma at $1848 and the 2020-2021 trendline at $1865, while these may hold the initial test, we are looking for a break higher. Above here will target the $1959/65 November 2020 high and the 2021 high. These guard the $2072 2020 peak.”
“Dips lower will ideally be contained by the $1788 6-week uptrend. This guards the 20-day ma at $1758, while above here the market should continue to stabilise.”
“Key support is the 2020-2021 uptrend at $1706 and the $1670.49 June 2020 low. While above here we will assume a longer-term upside bias.”
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