Gold weakness stays seen as corrective, although the core uptrend may not resume for some time yet while the yellow metal trades below the $1916 level, strategists at Credit Suisse inform.
“Gold has stabilized as expected back above its 200-day average (at $1819) and we remain of the view weakness from August is a correction within the longer-term bull market.”
“Above the downtrend at $1916 is needed to add weight to the view the worst of the sell-off has been seen but with a break above $1966 still needed to suggest the core trend is indeed turning higher again for strength back to $2075 and eventually $2300.”
“A close below $1819 would warn of a more concerted correction lower with support seen at $1765/63 initially, then more importantly at $1726, which we look to hold.”
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