Gold is in a consolidation process near the $ 1900 area. Karen Jones of the Technical Analysis Research team at Commerzbank points out that the XAU / USD bias is neutral to bullish and that it will remain that way as long as it remains above $ 1,857
Key statements:
“The gold high of $ 1916.91 has not been confirmed by RSI for the day and the market has basically been consolidating ever since. The move has remained above the two-month uptrend at $ 1862 and last week’s low at $ 1857 and as long as it remains above here we will continue to favor the bullish scenario. “
“In the long term, we are aiming for the November 2020 and 2021 highs at $ 1959 / $ 65. These protect the 78.6% retracement in $ 1989 and the 2020 peak at $ 2,072. In the long term, we believe that this area will also be overcome ”.
“Below $ 1857 the bullish intention would ease and point to the 200-day moving average at $ 1840.54 and the 55-day moving average at $ 1796, where the market will ideally stabilize and recover. “
“The key support is the 2019/2021 uptrend in $ 1722. The long-term outlook will be bullish as long as it remains above this level..”
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