Gold points to further gains while above $1739 - Commerzbank

Market news

7 July 2021

Gold points to further gains while above $1739 - Commerzbank

FXStreet notes that gold (XAU/USD) has seen recovery just ahead of the 2019-2021 uptrend line at $1739. While underpinned here, the bias of analysts at Commerzbank is bullish.

“Gold has bounced ahead of the $1739 2019-2021 uptrend line. While above there we will retain our longer-term upside bias.”

“Rallies will find initial resistance offered by the 200-day ma at $1829 and the $1857.25 4th June low. This guards the June high at $1916.91 and Fibo at $1921.”

“Longer-term we still target the $1959/65 November 2020 high and the 2021 high. These guard the $1989/78.6% retracement and the $2072 2020 peak."

EUR/USD: Break below 1.1695 to mark a change of trend lower - Credit Suisse

USD/CNH could now re-visit 6.4900 - UOB

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