Gold has resumed its core bull trend reinforced by the expected break lower by 10yr US Real Yields as the yellow metal trades at near $1790, gaining +0.42% on a day. Strategists at Credit Suisse mark resistance at $1796/1803.
Key quotes
“Gold has seen its expected break higher from its range above $1765 to confirm a resumption of its core bull trend with resistance seen at $1796/1803 next.”
“Support at $1720 now ideally holds to keep the immediate risk higher. Only back below $1671 though would set a near-term top.”
“10yr US Real Yields have seen their expected break lower from their sideways range, with key resistance seen at -.85%, then -1.01%, which reinforces the break higher and resumption of the core bull trend in gold.”
“Big picture, we continue to eventually look for new highs above $1921, with resistance then seen next at $2000, then $2075/80.”
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