Gold (XAU/USD) is expected to extend its consolidation for a while yet above $1765, strategists at Credit Suisse report.
Key quotes
“Gold outlook remains unchanged and we expect further consolidation above key price support at $1765. Big picture, we remain of the view this is a correction within the long-term bull trend, but we need to see the $1966 November high removed to suggest the core trend is indeed turning higher again for strength back to $2075 and eventually our $2300 long-term objective.”
“A break below $1765 would warn of a more serious turn lower for a test of $1726 next, potentially $1670.”
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