Gold's ability to return above $1,800 an ounce points to more gains — Commerzbank
(Kitco News) Gold's latest trading pattern of returning back above $1,800 an ounce after some usual profit-taking points to more gains in the future, according to Commerzbank. “Gold has regained the $1,800 mark this morning. This is evidence once again that price slides are viewed as buying opportunities and are thus only short-lived. This also suggests that prices will tend to continue rising,” writes Commerzbank analyst Carsten Fritsch. Overnight, gold price fell below $1,800 an ounce, but not significantly due to the increased risk-aversion in the marketplace, adds Fritsch. “Any more pronounced price slide was precluded by the increased risk aversion amid falling stock markets and renewed lockdown measures in response to rising numbers of new corona cases in some US states (California and Florida) and in Hong Kong. In addition, there are new tensions between the U.S. and China,” says Fritsch.