Gold Price Analysis: XAU/USD approaches November and September highs at 1965/1973 – Commerzbank

Gold has been whipsawed, failing to hold onto gains, but the yellow metal is set to test the November high at 1965.84 ahead of the September high at 1973.8, per Commerzbank.

Key quotes

“Gold is bid and is poised to encounter the 1965.84 November high. This is likely to act as the barrier to the mid-September high at 1973.8 and the 78.6% retracement at 2025 which guards the target band of 2070/2088. This is a combination of Fibonacci extensions and Elliott wave counts.” 

“Immediate upside pressure is maintained above the accelerated uptrend at 1904. This guards the 200-day ma at 1838 and the 10 month support line at 1811.” 

“Key support remains the 1760/1765.61 May high and 50% retracement. We view the market as having based here, and note that this support is further reinforced by the 1772 55-week ma.”