Gold Price Forecast: XAU/USD to gain bullish traction on a break above $1834 – Commerzbank

Gold is holding steady just above the $1791.45/$1790.85 mid to late July lows. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, maintains a bullish bias as the yellow metal remains above the 2019-2021 uptrend line at $1752 but warrants some caution.

See – Gold Price Forecast: Four factors support a XAU/USD leg higher – ANZ

XAU/USD sidelined near-term above $1791.45

“Gold really needs to overcome the $1834.16 mid-July high to regenerate upside interest and at current levels we are relatively neutral.” 

“The daily Elliott wave count remains negative and below $1790 will target the $1752 2019-2021 uptrend line. While above there we will retain our longer term upside bias, however the lack of a sustained bounce is worrying.” 

“Above $1834.16 lies the $1857.25 4th June low. This guards the June high at $1916.91 and Fibo at $1921.” 

“Longer-term, we still target the $1959/65 November 2020 high and the 2021 high. These guard the $1989/78.6% retracement and the 2072 2020 peak.” 

“The 78.6% retracement lies at $1728.90 and only below here will target the $1677.73/$1676.80 lows seen in March.”