FXStreet reports that in the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the yellow metal is set to remain under pressure while below $1834.
“Gold’s outlook stays negative. It held the initial test of the 78.6% retracement at $1722. The bounce has fallen short of the 55-day ma at $1784 and immediate downside risk remains. Below $1721, support is found at $1679.80/$1677.83, and is reinforced by the $1670 June 2020 low.”
“We have extensive resistance from $1784 to $1834 (55, 200-day moving averages and highs since July) and we look for rallies to struggle on moves into this band. The 55-week ma is also found at $1819. Below $1670 would target the 2018-2021 uptrend at $1603.”
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