Gold (XAU/USD) has broken above its downtrend from August to suggest the core bull trend is close to resuming on a break above the November high of $1966, according to strategists at Credit Suisse.
Key quotes
“Gold has not only stabilised as expected above its short, medium and long-term moving averages but has also broken its downtrend from last August and we remain of the view weakness from August is a correction within the longer-term bull market.”
“Above the $1966 November high is still needed to suggest the core trend is indeed turning higher again for strength back to $2075 and eventually $2300.”
“Support moves to $1855 initially, with $1819 now ideally holding further weakness.”
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