Sell-off in the yellow metal has held 1452/45, the November 2019 low, Fibo, and 55-week ma. Strategists at Commerzbank analyze the technical outlook of the gold. Key quotes “Gold has sold off towards the 1453 Fibonacci retracement, the 1448.33 55 week ma and the 1445.53 November 2019 low. This has so far held the initial test.” “The intraday Elliott wave count is suggesting that rallies will remain capped by the 1561/86 zone. Initial resistance is the 1548 38.2% retracement and 1557/1558, the August high.” “Only above 1613, the 61.8% retracement would be enough to negate the current slide lower.” “Failure at 1445 will see a sell-off to the 1375.39 July 2016 high. This is reinforced by the 1366 January 2018 high.” 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 US Dollar Index: The 100.30 2002-2020 downtrend should be held – Commerzbank FX Street 2 years Sell-off in the yellow metal has held 1452/45, the November 2019 low, Fibo, and 55-week ma. Strategists at Commerzbank analyze the technical outlook of the gold. Key quotes “Gold has sold off towards the 1453 Fibonacci retracement, the 1448.33 55 week ma and the 1445.53 November 2019 low. This has so far held the initial test.” “The intraday Elliott wave count is suggesting that rallies will remain capped by the 1561/86 zone. Initial resistance is the 1548 38.2% retracement and 1557/1558, the August high.” “Only above 1613, the 61.8% retracement would be enough to negate the current slide lower.” “Failure… 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.
