Gold extends its move to a new record high as the yellow metal has surged above the $2030 mark. Strategists at Credit Suisse look for a further push higher to the next flagged resistance at $2075/80, but then finally some consolidation. Weakness from here though, if indeed seen, will still be viewed as temporary and corrective.
Key quotes
“Our ideal roadmap remains for a still further push higher as gold has broken the psychological $2000 barrier, what we see as its next tougher resistance test at Fibonacci projection resistance at $2075/80. Our bias remains to then look for this to cap at first and for finally a consolidation phase to unfold.”
“Big picture, a pause at $2075 (if indeed seen) will still be seen as temporary with an eventual break higher seeing resistance at $2175/80 next, then $2295/2300.”
“Support for a pullback moves to $1939, then $1915, a close below which would suggest a correction has already begun, with support next at $1820/00.”
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