The core trend for gold looks in the process of turning higher again, in the view of strategists at Credit Suisse. A break past $1,917/23 would open up further gains towards the $2,075 record high.
Initial support align at $1,845
“Gold has seen a weekly close above the $1,877 high of November and the spotlight turns to the June 2021 high and retracement resistance at $1,917/23. Above here should add momentum to the rally to confirm a base has indeed been established to raise the prospect of a move back to the $2,075 record high.
“Support is seen moving to $1,845 initially, then more importantly at the 200-day average at $1,809.”
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