• Gold: Corrective decline to find support at $1837 - Credit Suisse

Market news

23 September 2020

Gold: Corrective decline to find support at $1837 - Credit Suisse

FXStreet reports that gold extends its decline below $1900 but the yellow metal weakness stays seen as a corrective by the Credit Suisse analyst team. 

“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.” 

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