Gold to see a recovery to last week’s high at $1877 as $1750 holds – Commerzbank

FXStreet/Staff/11-24-2021

OPINION

“Gold has sold off aggressively following a key day reversal. The sell-off is viewed as corrective and the market should remain well supported on dips back to the $1,750 region. Assuming that the $1,750 area holds the downside, we should see a recovery to last week’s high at $1,877. Above here lies $1,917/22, the May 2021 peak and 61.8% retracement and the 2011 high. 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.”

USAGOLD note: Commerzbank technicians undeterred……Make a gutsy call.

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