Gold (XAU / USD) reversed direction recently just before the mid-September 1973 high.80, but continues to hold above the 1850 low, describe Commerzbank strategists, who are metal-neutral.
Key statements:
“Si a break of the 1850 support is observed, we would allow additional losses to the 200-day moving average at 1792.24 and possibly the May high at 1765.61. This in turn protects the 55-week moving average at 1721.15 “.
“In order to regenerate the bullish interest, the market will need to regain the mid-September high of 1973.8, for a rally to the 78.6% retracement in 2025 that protects the 2070/2088 target band. This is a combination of Fibonacci extensions and Elliott wave counts. “
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