Gold: Risk remains for a break higher – Commerzbank

In view of Karen Jones, analyst at Commerzbank, Gold’s price action continues to resemble a consolidation pattern. Key Quotes “We view this in a bulli  |  15/10/2019 13:51

In view of Karen Jones, analyst at Commerzbank, Gold’s price action continues to resemble a consolidation pattern.

Key Quotes

“We view this in a bullish light and would consider a close above the near term resistance line at 1515 as the precursor to a challenge of the 1557.29 4th September high.”

“Gold has previously completed a major base. This offers an upside measured target to 1690/1704 longer term. The recent low at 1459 is regarded as an interim low and together with the mid July peak at 1453 is expected to act as a short term floor for the market.”

“Below here lies the 55 day moving average at 1448.97 ahead of support offered by a double Fibonacci retracement at 1412/1406 (38.2% retracement of the move up from the August 2018 low) and 50% retracement of the move up from the May low).”

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com