Note

Gold: Forays above $2000 to remain short-lived – Commerzbank

Verified Media
· Reading 1,408

Gold has reached Commerzbank’s target of $1983. Strategists at the bank expect the yellow metal to experience some profit taking as forays above are seen short-lived. On the flip side, the 55-day ma at $1838 is a solid support.

Key quotes

“Gold has reached the top of its 49 year channel at $1983. It represents our long-term target. This should hold the initial test and provoke some profit-taking.”

“Forays above $2000 are expected to remain short-lived. Above $2000 we have a point and figure target of $2030 and a Fibonacci extension to $2088.”

“Support is offered by the 55-day ma at $1838 and the five-month uptrend at $1829. Below 1829 lies the $1765 May high. This guards the $1670 June low.” 

 

 

Reprinted from fxstreet.com, the copyright all reserved by the original author.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

If you like, reward to support.
avatar

Hot

Verified Media
could it go to $2000?

-THE END-

CFD markets involves substantial risk and there is always the potential for loss. Past performance is not indicative of future results. You understand and agree that there are risks associated with the use of online trading services ( COPYTRADE、FOLLOWTRADE、FOLLOWGUARD ), including uncontrollable factors such as hardware breakdown, software fault, or Internet disconnections. FOLLOWME does not held any responsibility for the communication failures, miss-transmissions or delays that occur during online trading.

appstore-download goole-download
login