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Gold Worth Forecast: XAU/USD to see a restoration to final week’s excessive at $1,877 as $1,750 holds – Commerzbank


Gold suffered heavy losses and broke beneath the important thing $1,800 space on Tuesday. Collapse decrease might want to maintain over $1,750 for an upside bias to stay, Karen Jones, Group Head FICC Technical Evaluation Analysis at Commerzbank, experiences.

Break beneath $1,750 to place the $1,693 August low again in focus

“Gold has bought off aggressively following a key day reversal. The sell-off is seen as corrective and the market ought to stay nicely supported on dips again to the $1,750 area.” 

“Assuming that the $1,750 space holds the draw back, we should always see a restoration to final week’s excessive at $1,877. Above right here lies $1,917/22, the Could 2021 peak and 61.8% retracement and the 2011 excessive. This may act because the break-up level to the $1,965 November 2020 peak and the 78.6% retracement at $1,989. That is the final defence for the August 2020 peak at $2,072.” 

“Under $1,750 will goal the $1,721 September 2021 low and the $1,693 August low.”

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