Gold has started 2023 strongly. Strategists at Credit Suisse do not rule out a strong surge to the $2,300 mark.

Break below $1,729 to turn the risk back lower

“We look for further tactical gains to test the 61.8% retracement of the 2022 fall and June 2022 high at $1,876/96, which ideally caps for now. Should strength directly extend though we see resistance next at the 78.6% retracement and April 2022 high at $1,973/1,998.”

“Whilst on a big picture basis this strength is seen as a rally within a broader long-term sideways range, should the rally ever extend above the record highs from 2020 and 2022 at $2,070/2,075, this would be seen to mark a significant and long-term break higher, opening up we think $2,300 and likely beyond.”

“Support is seen initially at $1,824.50, then the 200DMA at $1,780. Below $1,729 though is needed to warn the broader risk may be turning lower again.”