Gold prices face prospects for additional earnings if they top $ 1,834.16, he suggested. Karen Jones, Head of the Technical Analysis Research team at Commerzbank.
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“The oro it remains stable just above the low of $ 1791.45 on July 12. Really needs to break above the 1834.16 mid-July high to regenerate upside interest. At current levels we are relatively neutral. “
“The daily Elliott wave count remains negative and below 1790 it will head to the 2019-2021 bull line at $ 1,752.”
“As long as we are above, we will retain our long-term upward bias, however, the lack of a sustained rebound is worrisome. Above $ 1,834.16 is the June 4 low at 1,857.25. This protects the June high at $ 1,916.91 and Fibo at $ 1,921. “
“Longer term we are still targeting $ 1,959 / 65, highs of November 2020 and 2021. These levels protect the 78.6% retracement at $ 1,989 and the 2020 ceiling at $ 2,072. “
“The decline of 78.6% stands at 1,728.90 and only below here will be 1,677.73 / 1,676.80, the lowest seen in March.”
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