FXStreet (Guatemala) – Analysts at Commerzbank noted that Spot Gold has met the 50% retracement of the entire bull move up from the 1999 low.
Key Quotes:
“This was located at 1087 and represented a major long term downside target for us.
The low at 1077.25 was accompanied by a divergence of the RSI and this reflects a loss of downside momentum.
Rallies will find initial resistance at 1131/41 (50% retracement of last leg down), we can only assume while capped here a downside bias will persist.
Below 1077 will target the 1033 March 2008 high and the 1000 psychological support.”
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