Commerzbank is bullish on gold if $1845/oz breaks
(Kitco News) - Karen Jones FSTA and the technical team at Commerzbank have been tracking the gold market closely this year. In its latest report the bank note, that gold continues to recover from the 78.6% retracement at 1722. She went on to say "The bounce has yet to clear moving average resistance at 1794 and only above here will allow for a rally towards 1834.16/21, which are the highs since July and we look for rallies to struggle on moves to here. The 55-week ma also is found at 1815."
In regards to when the bank will turn bullish, it said "We are relatively neutral but only a close above the 1845 2020-2021 resistance line would regenerate upside interest for a recovery to 1856/57 4th June low. Above here lies the 1917 May 2021 peak."
On the downside, there are also levels to watch. The report said, "Below 1721, support is found at 1679.80/1677.83, and is reinforced by the 1670 June 2020 low. Below 1670 would target the 2018-2021 uptrend at 1608".