Analysts at Commerzbank, point out that gold is viewed forming a major base longer term. They warn about the key resistance at 1365.36/1375.53, signaling that a break higher could lead to rally to 1700.
Key Quotes:
“A weekly close above 1375.53 2016 high (and ideally above the 1392.56 2014 peak) should trigger a move eventually to just over 1700.00.”
“Gold is underpinned by the 1148.32 55 quarter moving average.”
“Initial upside targets are the 1522.48/1526.98 December 2011 and May 2012 lows.”
“Immediate upside pressure will be maintained while trading above the 1276.60/56 January lows.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.