Gold Price Forecast: XAU/USD to face initial hurdle at $1,917/22 on its way to August 2020 peak at $2,072 – Commerzbank

Gold has breached the 2020-2021 downtrend. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the yellow metal to challenge the $1,917/22 area.

Dips lower to find initial support at $1,834

“The close above $1,835 has targeted $1,917/22, the May 2021 peak and 61.8% retracement. This will act as the break up point to the $1,965 November 2020 peak and the 78.6% retracement at $1,989. This is the last defence for the August 2020 peak at $2,072.” 

“Dips lower should find initial support at $1,834 and is likely to be contained by the 200-day ma at $1,791.”