Gold to race higher towards $2300 in the long-term – Credit Suisse


Strategists at Credit Suisse remain long-term gold bulls and a potential bullish “wedge” continuation pattern looks to be forming to add weight to this view.

Key quotes

“Gold extends its consolidation from our $2075 target hit in August and we maintain our core view this is a temporary and corrective pause in the broader uptrend. Indeed, price action is beginning to increasingly look like a bullish ‘wedge’ continuation pattern, adding weight to our view.” 

“Key support stays seen intact at $1837 – the 38.2% retracement of the 2020 rally – and our bias remains for this to continue to hold. Above $1933 would now suggest the “wedge” has been completed for strength back to $2016, then the $2075 high.” 

“Big picture, we continue to look for $2300.”

“Below $1837 would curtail thoughts of a “wedge” and would suggest we should see a deeper setback to price and 200-day average support at $1775/65.”

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD battles 1.21 after mixed US data

EUR/USD is trading above 1.21, choppy after US retail sales missed estimates with a drop of 1.3% but on top of upward revisions. Increases in producer prices accelerated last month.

EUR/USD News

GBP/USD bounces off two-month lows

GBP/USD has bounced off the fresh two-month low of 1.4034 but remains depressed. The delay in Britain's reopening is outweighing upbeat UK job figures. Tension is mounting ahead of the Fed.

GBP/USD News

XAU/USD looks to $1880 after recapturing $1858

Gold price is attempting a minor recovery above $1850, although the bulls appear to lack conviction, as the US dollar continues to hover near monthly highs.

Gold News

Bitcoin continues to range higher, but altcoins suffer

Bitcoin price has experienced a 32% upswing over the past six days and might retrace to gather more steam. Ethereum price performance is lackluster as it rallied roughly 17% in the same period as BTC.

Read more

Tesla still stuck in first gear

Tesla stock recovered last week as some investor enthusiasm finally returned to the stock with the release of the new Model S Plaid at Tesla's Freemont factory.

Read more

Forex MAJORS

Cryptocurrencies

Signatures