Gold - consolidating before higher

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