Gold is consolidating around the 55-Day Moving Average (DMA). The long-term 200-DMA, currently seen at $1,776, is expected to floor the yellow metal at the very latest, according to strategists at Credit Suisse.

Move above $1,998 can reassert an upward bias

“Gold has been capped at resistance at $1,973/98 as expected and is now consolidating around the 55-DMA, currently seen at $1,858, but so far managed to remain clearly above the long-term 200-DMA, currently seen at $1,776, which we would expect to floor the precious metal at the very latest.”

“Above $1,998 can reassert an upward bias for a test of long-term resistance from the $2,070/72 record highs of 2020 and 2022.”