Gold: Market has topped near term – Commerzbank

In view of Karen Jones, analyst at Commerzbank, Gold has topped short term, falling below its 20 day ma at 1488.87, which is now likely to serve as nearby resistance.

Key Quotes

“It has completed a small top between 1557 and 1485 and this offers a downside measured target to 1413. Just ahead of here lies the 55 day moving average at 1427, and this target is reinforced by 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).”

“Gold has previously completed a major base. This offers an upside measured target to 1690/1704 longer term. The interim target is the 61.8% retracement at 1587.66.”