Gold Price Forecast: XAU/USD unlikely to break below $1,900/$1,891 support zone – Credit Suisse

Gold extends its pullback. Economists at Credit Suisse analyze XAU/USD technical picture.

Gold ideally continues to hold key support at $1,900/$1,891

We maintain our long-held view for a major floor at $1,900/$1,891 and for an eventual retest of major resistance at the $2,063/$2,075 record highs to be seen.

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 to $2,150 next, then $2,355/$2,365.

A weekly close below $1,891 though would be seen to reinforce the longer-term sideways range, and a fall to support next at $1,810/$1,805.