At this interesting pivotal point in the FX markets, it follows that the bullion markets are also reaching a medium term pivotal moment.
So here the Commerz team updating their views and restating the medium term importance 1350 level.
“We are technically at a key juncture for the development of the next medium term trend which is why we have once again neutralised our forecast.
As long as the 1330.17/1349.31 resistance area (July, late September and early October highs and 55 day moving average) caps on a daily chart”.
We closed on Friday cash gold at 1352, having hit 1356 earlier in the session. We are at or very close to key levels DX and Bullion.
(Also, note the technical strength in Palladium and platinum).
All the best
Rich