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Commerzbank is looking for some mild upside in gold

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(Kitco News) - Commerzbank is looking for some small potential upside movement in gold. In its latest technical report, Karen Jones FSTA notes "Gold has tested and held a number of times over the 1779/74 support (38.2% retracement and the lows from the end of August). While above 1750, the 29th June low it will remain neutral to positive."

The bank said "we favour a retest of the 1830/34 resistance. This is the location of the July high and the 55-week ma. A close above here is needed to retest the 1856/57 4th June low and the 1864 2020-2021 downtrend."

In terms of downside levels, the report noted below 1750, support is found at 1679.80/1677.83 and is reinforced by the 1670 June 2020 low. A move below 1670 would target the 2018-2021 uptrend at 1592.

And lastly, Jones said "the downtrend at 1864 guards the 1916.91 May high."

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