Gold held above key supports to suggest the correction may already be over. Analysts at Credit Suisse remain long-term bullish.
“We remain major long term Gold bulls, with the market encouragingly back above its 200-day average having held above key support at $1452/1446.”
“It’s important to note that Real Yields have stopped rising and we still believe a similar dynamic will play out to 2009 when after a sharp initial correction in 2008, Gold eventually went on to make new all-time record highs.”
“Resistances above $1700/05 are eventually seen at $1734, the 78.6% retracement of the 2011/15 downmove, then the $1796/1803 corrective highs from 2011/12. We still look for new record highs above $1921.”
“Key support remains at $1452/46, below which now completes a top to suggest a much protracted correction, with the next support at $1374/48.”
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