Gold – We continue to target the 1625.77 January low

Commerzbank commoditiesGold – Daily Chart

We continue to target the 1625.77 January low

  • Last week the gold price rose to 1616.94 before dropping back below the 1600 mark on Monday morning.
  • While it remains above its seven month February low at 1554.83, though, further upside remains in store.
  • We still believe that an interim low was made in February and that the precious metal should reach the January low at 1625.77 in the weeks ahead. Between it and the 1635.48 December low the gold price may encounter resistance, at least for a few days.
  • Further potential upside targets can be seen at the 38.2% Fibonacci retracement of the October-to-February decline at 1647.07 and around the 1651.84 late January low.
  • For now unexpected failure at the 1554.83 February low will put the 1547.87 late June low and the 1522.48 December 2011 low on the map. This scenario we do not think likely to occur at present, however.

Gold price - Support and resistance

Gold price daily chart - 26 March 2013

Gold – Weekly Chart

Gold continues to oscillate around the 1600 mark

Gold price weekly chart - 26 March 2013

This article is published on Råvarumarknaden.se with permission from Commerzbank AG

This document has been created and published by the Corporates & Markets division of Commerzbank AG, Frankfurt/Main or Commerzbank’s branch offices mentioned in the document. Commerzbank Corporates & Markets is the investment banking division of Commerzbank, integrating research, debt, equities, interest rates and foreign exchange.

The author(s) of this report, certify that (a) the views expressed in this report accurately reflect their personal views; and (b) no part of their compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or views expressed by them contained in this document. The analyst(s) named on this report are not registered / qualified as research analysts with FINRA and are not subject to NASD Rule 2711.

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One thought on “Gold – We continue to target the 1625.77 January low”

  1. Christer G skriver:

    Kommer Commerzbanks saker fortsätta att publiceras på http://www.ravarumarknaden.se på regelbunden bas? Känns som ett välkommet tillskott

    Tack för att ni hjälper till att sprida information om råvaror

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