Commerzbank say a break of $1823/oz is needed for gold to gather momentum

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(Kitco News) - Commerzbank is looking for some significant technical breaks forthe yellow metal to gather momentum. The report said "Gold has ralliedtowards the 55-week ma at 1813 and currently remains capped here. We suspectthat the move back from here will be pretty shallow, but we are essentiallyneutral at this point."

In terms of upside levels, Karen Jones FSTA said "It has toclear the 1834.16/21, highs since July and the 1842 2020-2021 resistance linein order to regenerate upside interest for a recovery to 1856/57 4th June low.Above here lies the 1917 May 2021 peak."

On the downside, the bank noted "We have minor support at1760 ahead of the 1721 September low. Below 1721, support is found at1679.80/1677.83, and is reinforced by the 1670 June 2020 low. Below 1670would target the 2018-2021 uptrend at 1611.".

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.

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