Gold (XAU/USD) has continued to push on and has broken out above key resistance levels, suggesting further tactical strength and potentially even a resumption of the longer-term uptrend, the Credit Suisse analyst team reports.
Gold has broken the 200-day average at $1845
“Gold strength has extended further, breaking above the 200-day average at $1845 and downtrend from last August at $1865. Hence, the likelihood of a resumption of the long-term bull trend has increased, reinforced by weekly MACD being close to crossing back above zero. With this in mind, resistance is seen next at $1959/66. However, we would expect a pullback or at least a more pronounced consolidation to unfold there.”
“Support moves to the 200-day average at currently $1845, before the recent May low at $1808 and the more distant 63-day average at $1762, which we expect to floor the very latest any setbacks.”
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