Gold has refreshed five-month highs at $1,870 after breaking key resistance at $1,834. Strategists at Credit Suisse expect XAU/USD to stage a significant leg higher on a break above the June peak at $1,917.

XAU/USD above rising short, medium and long-term averages

“Gold continues to improve steadily and has now cleared key price resistance from the July and September highs and downtrend from August 2020 at $1,834 to establish a five-month base. With the market also above rising short, medium and long-term averages evidence looks to be building we may be at the beginning of a more sustained move higher.”

“We look for a test of the June high at $1,917, a break above which should add further weight to our view with resistance then seen next at $1,959/77 and eventually back to the $2,075 record high.”

 

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