Gold is being used as an inflation hedge. Analysts at Commerzbank believe that the high at $2,072 will prove to be a catalystic break point on the topside.
Bullish bias while above the 2021 low at $1,677
“Gold is in a long term bull move, and will remain so while above $1,677 the 2021 low.”
“The long term target is the $2,052/72 2020 high.”
“Risks are for an upside break, which if seen (favoured) will target $2,300/01 and ultimately inter-year $2,676/$2,686.”