Commerzbank is looking for more upside in gold
(Kitco News) - Karen Jones FSTA and the technical team at Commerzbank have been keeping a close eye on the gold market of late. In the latest report, Commerzbank said "Gold has rallied higher to take out key resistance offered by the highs since July and the 2020-2021 downtrend.". The bank added"The close above 1835 is key longer term, it has targeted 1917/22, the May 2021 peak and 61.8% retracement and 2011 high. This will act as the breakup point to the 1965 November 2020 peak and the 78.6% retracement at 1989. This is the last defense for the August 2020 peak at 2072."
There was a note of caution in the report as Jones said "PLEASE NOTE that yesterdays price action was a key day reversal and we may see some near term slippage/consolidation ahead of" and finally in regards to report the bank noted dips lower should find initial support at 1834 and is likely to be contained by the 200-day ma at 1791.
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