The core trend for gold is trying to turn higher. Strategists at Credit Suisse still expect the yellow metal to close the week above $1,917/23 which would raise the prospect of a move back to the $2,075 record high.
Gold to see further sideways ranging on a move below $1,878/77
“Gold is struggling to see a weekly close above the June 2021 high and retracement resistance at $1,917/23 but our bias stays higher for this to eventually be achieved to add momentum to the rally to confirm a base has indeed been established to raise the prospect of a move back to the $2075 record high.”
“Below support at $1,878/77 would warn of a ‘false’ break higher and further sideways ranging.”
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