Gold Price Analysis: XAU/USD to see further gains towards the 200-DMA at $1853 – Credit Suisse

Whilst gold continues to lag, a small base has been establishing after the successful defence of long-term retracement support. Strategists at Credit Suisse look for further strength to retest the 200-day average at $1853.

See – Gold Price Analysis: Softer demand from central banks and jewellery to cap any upside – HSBC

Gold maintains a near-term base after again holding key retracement support at $1682/71

“Gold maintains a near-term base above $1755/65 following its fresh and successful test of key support at $1682/71 – the 38.2% retracement of the entire 2015/2020 bull market and the recent and June 2020 lows.” 

“We look for a recovery back to $1835, potentially the 200-day average and downtrend at $1853/72, but with a fresh cap expected here for now.”

“Back below $1724/21 would see the basing effort quickly negated.”