Gold: Threat of a consolidation phase is growing – Credit Suisse

Gold continues to struggle to hold its move above its ‘measured base objective’ at $1700/05 and upside momentum is waning near-term and the threat of a consolidation phase is growing, per Credit Suisse.

Key quotes

“Support at $1660 needs to hold to see this averted and to keep the immediate risk higher still, with resistance at $1796/1803 next.” 

“Below $1660 would signal a more protracted consolidation phase, with support seen initially at $1638, then what we expect to be better support at $1569/65.”