Gold (XAU/USD) is expected to be capped at $1959/66 for now, but with the broader risk seen higher, according to strategists at Credit Suisse.
Move below $1843 to reinforce a sideways trend
“Gold looks to have established itself above its 200-day average, now at $1843 and in an ideal world we see a fresh test and hold of this average to reinforce this as a floor for a move to resistance seen next at the high for the year and November 2020 high at $1959/66.”
“Whilst we would expect a fresh phase of consolidation beneath the $1959/66 region, an eventual break should open the door to a move back to the $2075 record high.”
“A close below $1843 would reinforce a sideways trend but with a move below $1764 needed to warn of a retest of $1682/71.”
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