Gold (XAU/USD) is set to remain overall bullish while above $1808.60 despite current correction lower, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
See – Gold Price Analysis: XAU/USD to end the year at $1800, potential for a nosedive to $1500 by end-2022 – OCBC
Bullish bias while above the 2019-2021 uptrend line at $1729.48
“Minor support comes in between the 200 and 55-day moving averages at $1838.97/$1831.52 with further minor support sitting between the mid-December and January lows as well as the late February high at $1821.80/$1810.48. Either of these we expect to hold. Only a slip through the next lower $1808.60 mid-May low would neutralize our forecast.”
“Longer-term, we target the $1959/65 November 2020 high and the 2021 high. These guard the 1989/78.6% retracement and the $2072 2020 peak.”
“Key support is the $1729.48 2091-2021 uptrend line. While above there we will retain our longer-term upside bias.”