Gold extends its decline below $1900 but the yellow metal weakness stays seen as a corrective by the Credit Suisse analyst team.
Key quotes
“Gold extends its consolidation/correction following the move to our base case objective of $2075/80 in August for a test of a cluster of flagged supports at $1897/37, which includes the 23.6% retracement of the rally from the 2018 low. We look for this to continue to hold to maintain the sideways range. Should weakness extend though, we would see scope for a deeper setback to $1765, potentially $1726.”
“Above $1993 is needed for a fresh look at $2075. An eventual move above here stays looked for a resumption of the core bull trend with resistance seen next at $2175, then $2300.”
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