Gold to resume the core bull trend towards initial resistance at $2016 – Credit Suisse
|Gold looks to be completing a bullish “wedge” continuation pattern for the expected resumption of its core bull trend and strategists at Credit Suisse continue to look for new highs in due course and a move to $2300.
Key quotes
“Gold has held key flagged support at $1837 - the 38.2% retracement of the rally from March – and the break above $1993 suggests we are seeing the completion of a bullish ‘wedge’ continuation pattern for a resumption of the core bull trend, earlier than we were expecting.”
“We thus reiterate our core bullish view and look for a move to $2016 initially, then a retest of the $2075 August high. An eventual move above here stays looked for with resistance seen next at $2175, then $2300.”
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