Commerzbank is bullish on gold if $1845/oz breaks

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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".

By Rajan Dhall

For Kitco News

Follow rajfx10rdhall@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Monetary-driven precious metals outperform major base metals

Gold stocks hit by plunging equities markets

Gold stocks down as metal and equities momentum fades

Another Kazatomprom guidance announcement shakes uranium price

Major monetary drivers still supporting gold