Gold saw a brief retest of $1,973/98. A break above here would see the yellow metal gaining further upside momentum, strategists at Credit Suisse report.

55-DMA at $1,881 to floor Gold

“A sustained move beyond $1,973/98 stays seen needed to clear the way for a retest of long-term resistance from the $2,070/75 record highs of 2020 and 2022. Whilst this should clearly be respected, a clear and sustained break higher would be seen to open the door to a move to $2,300 next.”

“Ideally, the 55-DMA, currently seen at $1,881 floors the market now. If this breaks, we could see further weakness towards the recent range low at $1,805, before the crucial 200-DMA, currently seen at $1,778, which we would once more expect to provide a floor.”