Gold has resumed its uptrend, although momentum remains poor. Nevertheless, strategists at Credit Suisse expect the yellow metal to test the $1800 barrier.
“Gold is struggling to extend its uptrend. We continue to have concerns with respect to momentum and consensus positioning, but we look for the bull trend to resume for a test of $1796/1803 next. We look for this to then cap for a fresh consolidation phase.”
“Big picture, we continue to eventually look for new highs above $1921, with resistance then seen next at $2000, then $2075/80.”
“Support at $1660 needs to hold to keep the immediate risk higher.”
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