Commerzbank are looking for another move higher in the gold price

New York (May 19)  The Commerzbank FICC technical team are looking for a move higher in gold and have also noted the recent trendline break. Karen Jones and Axel Rudolph say "Gold has is eroded the 200-day ma, the 55-week ma and the 2020-2021 trendline. We target the 1959/65 November 2020 high and the 2021 high. This guards the 187/78.6% retracement and the 2072 2020 peak. Longer-term we believe that this will also be overcome.".

They go on to say "Dips lower will ideally be contained by the 1807 6 week uptrend. This guards the 20-day ma at 1762 and while above here the market should continue to maintain upside pressure.".

They do have some levels on the downside to keep an eye on as they add "Key support is the 2019-2021 uptrend at 1710 and the 1670.49 June 2020 low. While above here we will assume a longer-term upside bias.".

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