Commerzbank is still looking for higher levels in gold
(Kitco News) - The Commerzbank technical team feels the gold price has some key levels to overcome before it could make a move higher. Karen Jones FSTA said "Gold is holding steady just above the 1791.45 12th July low. It really needs to overcome the 1834.16 mid-July high to regenerate upside interest and at currently levels we are relatively neutral."
On the structure of the chart, she added "The daily Elliott wave count remains negative and below 1790 will target the 1752 2019-2021 uptrend line".
More specifically looking at levels, the research note said "While above there we will retain our longer-term upside bias, however the lack of a sustained bounce is worrying. Above 1834.16 lies the 1857.25 4 th June low. This guards the June high at 1916.91 and Fibo at 1921."
In terms of targets "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." the bank said.
On the downside "The 78.6% retracement lies at 1728.90 and only below here will target the 1677.73/1676.80 lows seen in March.". This should be noted.