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- Gold: Key support stays seen at $1887/37 – Credit Suisse
Gold: Key support stays seen at $1887/37 – Credit Suisse
FXStreet reports that August saw gold hit thee objective at $2075/80 and strategists at Credit Suisse are seeing a consolidation phase emerge from here as looked for.
“Whilst we continue to see the long-term trend higher, reinforced by falling US Real Yields and a falling USD, our immediate bias remains for further consolidation above a cluster of supports at $1887/37, which includes the 23.6% retracement of the entire rally from the 2018 low. Post this consolidation, we look for an eventual move above $2075 with resistance seen next at $2175, then $2300. Whilst we would look for a fresh consolidation at this latter level, a direct break would suggest scope for $2700/20 over the longer-term.”
“Below $1837 though would warn of a more significant but still corrective setback with support seen next at $1765, then $1726.”
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