Gold (XAU/USD) has seen recovery just ahead of the 2019-2021 uptrend line at $1739. While underpinned here, the bias of analysts at Commerzbank is bullish.
See – Gold Price Forecast: Rising prices should see investors turn to XAU/USD as a hedge – ANZ
2019-2021 uptrend line comes in at $1739
“Gold has bounced ahead of the $1739 2019-2021 uptrend line. While above there we will retain our longer-term upside bias.”
“Rallies will find initial resistance offered by the 200-day ma at $1829 and the $1857.25 4th June low. This guards the June high at $1916.91 and Fibo at $1921.”
“Longer-term we still target the $1959/65 November 2020 high and the 2021 high. These guard the $1989/78.6% retracement and the $2072 2020 peak.
“The 78.6% retracement lies at $1728.90 and only below here will target the $1677.73/$1676.80 lows seen in March.”
