Gold targets the recent high at 2072 – Commerzbank

Gold has seen a decent rebound off the six-month uptrend at 1905 and while this holds the up move is intact. The yellow metal targets the 2072 recent high, according to Commerzbank’s Karen Jones.

Key quotes

“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).”