Commerzbank is still bullish long term on gold
(Kitco News) -Karen Jones and the technical team at Commerzbank have released their latest note on gold and precious metals. A few months back the team called a great move higher in the precious metal and this time out they have a short term view that gold could push lower.
She wrote "Gold stays directly offered below the 100-day ma at 1790.72. However, it is going to shortly encounter the key support at the 1735 2019-2021 uptrend line. While above there we will retain our longer term upside bias.".
Adding more specifics to the higher timeframe Jones noted "Longer term we still target the 1959/65 November 2020 high and the 2021 high. These guard the 1989/78.6% retracement and the 2072 2020 peak.".
It will not all be plain sailing as the team noted, "Minor resistance on the way up can be spotted at the 1808.60/181621 late February high and mid-May low above which the 55- and 200-day moving averages can be seen at 1833.00/1835.18. Further resistance sits at the 1875.79 late January high.". Lastly she noted some Fibonacci stats saying "The 78.6% retracement lies at 1728.90 and only below here will target the 1677.73/1676.80 lows seen in March.".