Gold rebounds (XAU / USD) are seen as corrective, and it needs to regain levels above $ 1765 to ease downward pressure, according to Commerzbank analysis.
Key statements:
“The market is bouncing just before the June low of $ 1670 and the 2019-2021 uptrend at $ 1675. However, it is indicated that the rallies are only corrective and initial resistance is offered by the band of $ 1760/65, which is the high of May and the low of November, which blocks the way to the upside. “
“A close above $ 1760/65 is needed to ease the downside pressure and signal a deeper recovery in the $ 1800-1820 band.”
“Above the $ 1800/1820 band is $ 1861.35, the 200-day moving average and $ 1906, the December 21 high and the top of the channel at $ 1918. This protects the November and September highs in 1965.84 / 1973.8 $ and the 78.6% retracement in 2006 $ “.
“Below $ 1670 it would imply a weakness that would lead to the 78.6% retracement at $ 1584”.
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