Gold: Further push higher to $2075/80 – Credit Suisse
|Gold extends its move to a new record high as the yellow metal has surged above the $2030 mark. Strategists at Credit Suisse look for a further push higher to the next flagged resistance at $2075/80, but then finally some consolidation. Weakness from here though, if indeed seen, will still be viewed as temporary and corrective.
Key quotes
“Our ideal roadmap remains for a still further push higher as gold has broken the psychological $2000 barrier, what we see as its next tougher resistance test at Fibonacci projection resistance at $2075/80. Our bias remains to then look for this to cap at first and for finally a consolidation phase to unfold.”
“Big picture, a pause at $2075 (if indeed seen) will still be seen as temporary with an eventual break higher seeing resistance at $2175/80 next, then $2295/2300.”
“Support for a pullback moves to $1939, then $1915, a close below which would suggest a correction has already begun, with support next at $1820/00.”
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.