Via technical analysis at Commerzbank, saying the price action for it is consolidation
- we view this in a bullish light
- would consider a close above the near term resistance line at 1515 as the precursor to a challenge of the 1557.29 4th September high
- Gold has previously completed a major base
- offers an upside measured target to 1690/1704 longer term
- recent low at 1459 is regarded as an interim low and together with the mid July peak at 1453 is expected to act as a short term floor for the market