Gold: Room to extend the correction to $1848 – Commerzbank

Gold has topped for now at 2072 and has eroded its accelerated uptrend. Strategists at Commerzbank would allow for a correction lower near-term. In fact, XAU/USD is extending its downward correction and is trading around $1,990, a shape fall of over $33 on the day, and a total of $85 from the all-time high.

Key quotes

“Gold has topped for now at 2072. It has breached its accelerated uptrend and we would allow for a slide back to the 1924/23.6% retracement.” 

“There is scope for the five-month uptrend at 1848.”