Gold is set to find a floor as analysts at Credit Suisse look for following the decline to their $1,900/1,890 target, for an eventual retest of the $2,063/2,075 record highs.
Weekly close below $1,868 to reinforce the longer-term sideways range
Gold is showing signs of stabilization as looked for at our target of price support and the 38.2% retracement of the 2022/2023 uptrend at $1,900/1,890. With the key rising 200-DMA seen not far below at $1,868 and with the USD starting to weaken again, our bias remains for a major floor to be found here.
We look for a test of resistance at the 55-DMA at $1,962 initially, a close above which can add weight to our view for a retest of major resistance at the $2,063/2,075 record highs. We still stay biased to an eventual break to new record highs later in the year, which would then be seen to open the door to a move above $2,300.
A weekly close below $1,868 though would be seen to reinforce the longer-term sideways range, and a fall to support next at $1,810/05.
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