Gold has achieved the ‘measured base objective’ at $1700/05, but analysts at Credit Suisse stay bullish on the yellow metal.
Key quotes
“Gold has seen an exact move to our long-held ‘measured base objective’ at $1700/05. Whilst we suspect further consolidation can emerge here, as we have repeatedly highlighted our core outlook stays bullish and we look for a move above $1705 in due course, with resistance next at $1796.”
“Big picture, we continue to look for new highs. Below key price support at $1453/46 is needed to change this view as this would mark a top, turning the risk lower as well as ending our long-held bullish outlook.”
“Extreme long positioning in gold is starting to unwind, which we see as constructive for our bullish view.”
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