Gold (XAU/USD) is approaching the 2019-2021 uptrend line at $1735, which is expected to hold the initial test, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
See – Gold Price Forecast: XAU/USD to continue suffering bearish pressure this week – OCBC
Gold remains above the 2019-2021 uptrend line at $1735
Gold stays directly offered below the 100-day ma at $1790.72. However, the yellow metal is going to shortly encounter the key support at the $1735 2019-2021 uptrend line. While above there we will retain our longer-term upside bias.
“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.”
“Minor resistance on the way up can be spotted at the $1808.60/$181621 late February high and mid-May low above which the 55 and 200-day moving averages can be seen at $1833.00/$1835.18. Further resistance sits at the $1875.79 late January high.”
“The 78.6% retracement lies at $1728.90 and only below here will target the $1677.73/$1676.80 lows seen in March.”