Gold has benefitted strongly from the fall in Yields and decline in the USD. Economists at Credit Suisse look for a test of major resistance at the $2,070/75 highs.
Break under 55-DMA at $1,898 would suggest another reversion lower
“We look for a retest of long-term resistance from the $2,070/75 record highs of 2020 and 2022. Whilst this should clearly be respected, a clear and sustained break higher would mark a major bullish long-term breakout to open the door to a move to $2,300 next.”
“Ideally, the 55-DMA, currently seen at $1,898, floors the market now. If this breaks, this would lessen the risk of a breakout above $2,070/75 and suggest another reversion lower within the broader range, with next support at $1,778.”
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