Gold: Approaching its next resistance at 1735 – Commerzbank

Gold is at 7 year highs and approaching its next resistance at 1735, per Commerzbank.

Key quotes

“Gold is at 7 year highs and is poised to encounter the next band of resistance at 1734/35, the 78.6% retracement of the move down from 2011 to 2005.” 

“The 1734/35 zone guards the 1792/1803 highs (October 2012 and November 2011 highs). These are considered to be the last defence for the 1921.50 September 2011 high.” 

“A longer term positive bias will be preserved while above the 1474/1445 supports.”