Commerzbank on gold –
- Initial resistance is the 78.6% retracement at 2029 which guards the target band of 2070/2088.
- This is a combination of Fibonacci extensions and Elliott wave counts.
- Above 2088 lies a Point and Figure target of 2162 and another Fibonacci extension to 2179.
- Our initial level is a P+F level of 2046 (on the 240 minute chart).
I’m not a user of EW, anyone who is, though – comments welcome on this.