Gold remains slightly below $1834/36 but has improved in the short-term as Real Yields fall. Still, the yellow metal needs to surpass this region to sustain a deeper recovery, according to strategists at Credit Suisse.
Near-term support moves higher to $1759
“Gold remains slightly beneath the July and August highs and downtrend from August 2020 at $1834/36 but has improved further in the short-term, especially helped by the sharp fall in Real Yields. However, only a break above $1834/36 would be seen to complete an in-range base and lessen the topping threat significantly, instead of clearing the way for a deeper recovery to $1917.”
“Near-term support moves higher to $1759, below which would ease the pressure off $1834/36.”
“Only below the now more distant $1691/77 level XAU/USD would mark a major top for an important change of trend lower, with support then seen at $1620/15 initially, before $1565/60.”
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