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FXStreet reports that Gold (XAU/USD) has recovered from support at $1750/43 and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggests the yellow metal looks set to range further.
“Gold has sold off to $1750, the 29th June low, it traded below there but most importantly did not close below here and the market is attempting to recover.”
“We have extensive resistance from $1795 to $1834 (55, 200-day moving averages and highs since July) and we look for rallies to struggle on moves into this band – but we actually view the market as pretty sidelined.”
“A close above $1834 is needed to retest the $1856/57 4th June low and the $1860 2020-2021 downtrend.”
“Below $1743 (this week's low), support is found at $1679.80/$1677.83 and is reinforced by the $1670 June 2020 low."