Near-term, strategists at Credit Suisse see signs the trend is tiring to warn of a potential consolidation phase.
“Gold continues to struggle to hold its move above its ‘measured base objective’ at $1700/05 and upside momentum is waning near-term and the threat of a consolidation phase is growing. Support at $1660 needs to hold to see this averted and to keep the immediate risk higher still, with resistance at $1796/1803 next.”
“Below $1660 would signal a more protracted consolidation phase, with support seen initially at $1638, then what we expect to be better supported at $1569/65.”
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