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(Kitco News) – Two major European investment banks are looking for a rise in gold. Credit Suisse and Commerzbank are highlighting areas of resistance that price could break through to gain some bullish momentum.
âGold stays out of its broad neutral range, still capped at its 200-day average of $ 1,820. A close above here and then the recent high of $ 1834 is still needed to reaffirm a bullish bias and open the door for a return to larger resistance at $ 1917/66.
âKey price support in the range remains visible at $ 1755/51, a close below, which would warn of a further test of larger support at the low of $ 1682/71 YTD and a retracement of 38, 2%. “
“Gold really needs to get past the mid-July high of $ 1,834.16 to regenerate upside interest and at current levels we’re relatively neutral.”
“The Elliott Daily Wave Count remains negative and below $ 1790 will target the 2019-2021 $ 1752 uptrend line. While above, we will maintain our longer term bullish bias, but the lack of a sustained rebound is worrying. â
âAbove $ 1,834.16 is the June 4 low of $ 1,857.25. This keeps the June high at $ 1916.91 and Fibo at $ 1921. “
“In the longer term, we are still aiming for the November 1959/65 peak of November 2020 and the 2021 peak. These keep the 1988 / 78.6% retracement and the 2072 2020 peak.”
“The 78.6% retracement stands at $ 1,728.90 and only below here will target the $ 1,677.73 / $ 1,676.80 lows seen in March.”
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