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Two European investment banks are looking for more upside in gold

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(Kitco News) - Two prominent European investment banks are looking for some upside in gold. Both Credit Suisse and Commerzbank are highlighting resistance areas that the price could break to gain some upside momentum.

Credit Suisse

“Gold stays sidelined in its broad neutral range, still capped at its 200-day average at $1820. A close above here and then the $1834 recent high stays needed to reassert an upward bias and open the door to a move back to more important resistance at $1917/66.”

“Key in-range price support remains seen at $1755/51 a close below which would warn of a retest of more important support at the $1682/71 YTD low and 38.2% retracement.”


“Gold really needs to overcome the $1834.16 mid-July high to regenerate upside interest and at current levels we are relatively neutral.”

“The daily Elliott wave count remains negative and below $1790 will target the $1752 2019-2021 uptrend line. 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 4th June low. This guards the June high at $1916.91 and Fibo at $1921.”

“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 78.6% retracement lies at $1728.90 and only below here will target the $1677.73/$1676.80 lows seen in March.”

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