Gold Price Analysis: XAU/USD has steam to surge above the $2072 2020 high – Commerzbank

Gold (XAU/USD) has maintained a bull run following the recent break of the 2020-2021 downtrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the yellow metal to target the $1959/65 region next, with scope to overcome the $2072 2020 peak.

Uptrend at $1825 to contain dips 

“Gold remains bid, it has recently 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. These guard the $1987/78.6% retracement and the $2072 2020 peak. Longer-term, we believe that this will also be overcome.” 

“Dips lower will ideally be contained by the $1825 six-week uptrend. This guards the 20-day ma at $1779 and while above here the market should continue to maintain upside pressure.” 

“Key support is the 2019-2021 uptrend at $1714 and the $1670.49 June 2020 low. While above here we will assume a longer-term upside bias.”