Commerzbank Bucks The Neutralist Trend

As webbed by Business Week, a Bloomberg article says that the Commerzbank technical-analysis department has forecasted that gold may rise to $1,135-$1,145 an ounce.

“We believe that another short-term leg up is on the cards,” Axel Rudolph, a technical strategist at Commerzbank in London, said today in a report. “Gold is heading back up to its $1,135/$1,145 resistance area... We remain medium-term neutral as long as the gold price stays below the 50 percent Fibonacci retracement level at $1,135, but above the $1,073.85 January low point,” Rudolph said.

It's a bit optimistic for the present, but gold did break above the $1,115 level.