Gold has set a base above $1755/65 after retesting long-term support at $1682/71. Strategists at Credit Suisse expect XAU/USD to rise towards the $1835 mark.
See – Gold Price Analysis: US Treasury yields and USD to ease later in the year, allowing for XAU/USD gains – HSBC
Gold to negate the base below $1724/21
“Gold has retested and again held key support at $1682/71 – the 38.2% retracement of the entire 2015/2020 bull market and the recent and June 2020 lows – and the subsequent break above $1755/65 has seen a near-term ‘double bottom’ base established.”
“We look for a recovery back to $1835, potentially the 200-day average and downtrend at $1857/83, but with a fresh cap expected here for now.”
“Back below $1724/21 would see the basing effort quickly negated.”