Whilst gold continues to lag, a small base has been establishing after the successful defence of long-term retracement support. Strategists at Credit Suisse look for further strength to retest the 200-day average at $1853.
See – Gold Price Analysis: Softer demand from central banks and jewellery to cap any upside – HSBC
Gold maintains a near-term base after again holding key retracement support at $1682/71
“Gold maintains a near-term base above $1755/65 following its fresh and successful test of key support at $1682/71 – the 38.2% retracement of the entire 2015/2020 bull market and the recent and June 2020 lows.”
“We look for a recovery back to $1835, potentially the 200-day average and downtrend at $1853/72, but with a fresh cap expected here for now.”
“Back below $1724/21 would see the basing effort quickly negated.”
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