Technical analyst has higher prices targeted for gold

Technical Analysis

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. 

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